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Communication during bankruptcy and divorce

If you and your spouse in Georgia find yourselves facing not only extreme financial problems but also the potential end of your marriage, you are not alone. Money is known to be a contributor to marital strife for many couples and even to be a factor in many divorces. When you are in this situation, you will need to carefully assess your decisions about not just how to break up your assets but also your debts during your divorce. When serious debt is in play, your ability to communicate with your spouse may help direct some of your options.

As explained by My Horizon Today, bankruptcy may often help people out of bad financial situations and set them up for better financial futures. If you and your soon to be former spouse are to consider filing for bankruptcy before you get divorced, it will be essential that you two are able to communicate and cooperate well with each other. If you can do this, then you may be able to consider filing for a joint Chapter 7 bankruptcy plan.

If, however, you are not able to work cooperatively with your spouse to resolve your financial crisis, you might want to consider a solo bankruptcy after your divorce. Before deciding on this path, it will be important for you to understand how your debts will be assigned in your divorce settlement.

If you would like to learn more about how you and your spouse might manage your financial problems during a divorce, please feel free to visit the marital debt and asset division page of our Kentucky family law and divorce website.

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