| 02 September 2011
Posted in Finance - Bankruptcy
Not only has your marriage ended, but as a result, you are in financial straights. One thing that people do not understand about getting divorced is that it often costs so much more than paying for a wedding, and it can even cost them more than a four year education at a high quality college. Divorce hurts in many different ways, and if you are not careful, you may end up in divorce bankruptcy. This is not a special type of bankruptcy, it is just one that comes about because you have decided to end your marriage. Both parties can be equally punished in financial situations when divorcing.
More couples would think twice about diving into marriage too soon if they heard stories about others divorce bankruptcy. Some don't wait to really know their spouse to be, and some marry within weeks of meeting someone. It stands to reason that those that do not take getting married seriously are not going to make keeping the marriage together seriously either. They often end up divorced. It is not just this type of person that gets divorced though, as the most serious, marriage minded people may end up in a relationship that simply can not be fixed. They are often the ones that end up with a divorce bankruptcy because they have been together for so long.
You should never stay in a marriage where there is abuse, neglect, or where hatred is the norm. However, you should try all that you can to save your marriage before you decide to end it. If you are walking away angry, overly sad, or with any other strong emotions, one of you has failed to try everything before divorcing. When emotions run high, divorce bankruptcy is more likely because people will use money to hurt each other even more. If you want to avoid this, do all you can, and then make sure you find legal ways to protect yourself in the divorce proceedings.
More often than not, when a divorcing couples owns a home, someone is going to get burned. If the house is in both names, which is nearly always the case under marriage laws (no matter what the deed says), it can be that the house is given outright to one of the spouses. However, at times it is split in half, which means one remains but pays the other for half of the value of the house. Some couples sell, but in today's market, that means a mortgage payment is still due for quite some time, which messes up finances for both people. This is one of the biggest reasons for divorce bankruptcy.
When children, houses, and other assets ? including small businesses ? are involved, there is rarely a way to split things evenly without costing someone some financial pain. Many couples end up going through divorce bankruptcy because they simply can not do it on their own and also do what the divorce decree says they must, at least financially. Sometimes, divorce bankruptcy is the only way that some start over with a clean slate, so don't dismiss it out of hand. Instead, talk to a lawyer and a financial adviser about your best options and then go from there.
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