On behalf of Stange Law Firm, PC posted in divorce on Wednesday, January 30, 2019.
It is not uncommon for married couples in Kansas who experience challenging financial troubles to end up choosing to get divorced. Many a marriage has suffered or ended due to money issues. In these situations, each spouse should take care to protect themselves so they are set up to move forward toward a more positive financial future.
As explained by CreditCards.com, one thing that should be done as soon as a couple knows they are going to split up is to cancel all joint credit cards. This may help stem the addition of ongoing debt. Each person should also plan to keep very detailed records of all expenses in the event that they need to prove what debts incurred were or were not actually theirs.
If a couple’s financial situation is severe enough, bankruptcy might be a path worth considering. When happening at the same time as a divorce, the timing of a bankruptcy should be carefully assessed. Choosing the wrong order of events may have serious financial consequences.
If a couple has predominately unsecured debts, a Chapter 7 bankruptcy might be the best bet. This is something they might be able to complete prior to filing for bankruptcy. However, doing this would require that both spouses be able and willing to cooperate in order to collect the necessary information for the bankruptcy. For couples who have homes they wish to save, a Chapter 13 bankruptcy might be the better choice. Talking with an attorney may be a helpful way of determining how best to address their financial and marital challenges.