For many families, divorce and bankruptcy go hand-in-hand. Finances are a huge stress factor for many couples and are often a major catalyst within many marriage breakups. Divorce is often the route that couples choose when they are facing financial difficulty within their marriage. Each spouse will often believe that the other is responsible for the financial mess that they are facing and may decide to end their marriage over the dispute. Divorce may resolve the constant bickering that the couple faces, but it will not cause the debts to go away. In addition, divorce is an expensive process that will force the couple to split their assets. Divorce proceedings often place the spouse in a poor financial position. In many cases, therefore, bankruptcy is often the next legal step after divorce.
Generally, the court will divide debts and assets equally, but other factors play a role in this decision. Some of the debts that will be split include:
Discharging debt after divorce may also be a possibility. You will not be able to discharge any of the following debts, however:
Our firm can help you seek the most appropriate resolution for your debt matter. We understand the complex situation you are experiencing and can be your guide through each step. Contact The Nesbitt Law Firm today for debt resolution after marriage in Columbus!