Divorce Law and Finances
Considering a divorce means making many different decisions about different areas of your life that are impacted by your marriage, whether it is your children, your business, or your finances. Getting help from a divorce lawyer during this difficult time can be especially helpful if you have questions about your finances throughout this process. They may relate to how a divorce will impact your assets, your property, the division of your business, and even bankruptcy. If financial issues are a top concern for you during this process, do not hesitate to bring it up when you are speaking with your divorce lawyer.
What kinds of financial problems are there when dealing with divorce?
When you are going through a divorce, financial issues may seem to start piling on quickly.
Dividing Up Debts. It is not uncommon for people to enter into a marriage with debts or to fall into certain debt along the way during a marriage. Your divorce lawyer can sit down with you and help you through this. This means you will need to look through your finances and determine how much debt you have, who you owe that debt to, and who is responsible for the debt. You want to make sure that you are not ending up paying for the debt that your spouse owes.
Looking Into Retirement Plans. You may not realize this, but there is a good chance that even if you are getting a divorce you will still be entitled to part of your spouse’s retirement plan. This is good news for you if you are hoping to use this money for your own retirement or for other payments. Speak with your divorce attorney about the best way to use the portion of the retirement plan that you get.
Filing For Bankruptcy. Filing for divorce can make filing for bankruptcy a little more complicated. If you and your spouse are going through financial struggles and planning to get a divorce, you may want to consider timing your bankruptcy better. For example, you may want to file for bankruptcy while you are still married because you and your spouse will be able to wipe out certain debts for both spouses while saving money on filing charges.
There are many different financial struggles that couples may go through when they are getting a divorce.