Are you having marital problems due to financial hardship?  If you ask a Colorado Springs divorce attorney, he or she will tell you that this is the most common cause of divorce.  But too many couples walk away from a marriage with the expectation that their life will get better; their money will be their own, and they will have complete control over how it is spent.  What many couples fail to realize is that divorce just makes the financial picture worse.

Bankruptcy is a lot more common among divorced individuals than it is among married couples, and there are good reasons for this.  If you lost your job while married, you would still have a spouse’s income to rely on, and jointly held assets to draw from.  Any debt you had at the time might still be paid out of your spouse’s income, or your spouse may get a second job if funds fall short of your budget.  On the other hand, if a job loss occurs after a divorce, you will still have debts and living expenses to cover; perhaps even child support, but it’s all on you to pay for it.  You will also be left without health insurance and only half as many assets to draw from.  It’s easy to see why bankruptcy could be the only option for someone in this situation, but one Colorado Springs divorce attorney has another idea.

According to a blog article by the Marrison Law Firm, “Colorado Springs Divorce Attorney – The Reality of Post-Divorce Bankruptcy,” if bankruptcy looks inevitable before a divorce, it may be better to file while you are still legally married.  This prevents one party from blaming the other for their post-divorce financial hardships, and it levels the playing field for the equitable distribution of assets.  Of course, it is always better to avoid a bankruptcy filing altogether, but if it looks unavoidable it will be better to do it before the divorce.

Filing for bankruptcy prior to a divorce may not be an easy alternative, and the couple may not agree that is necessary.  Keep in mind that bankruptcy brings about its own set of complications.  However, doing so will require you to work together and cooperate, which might be impossible after your marriage is over. If you are worried about how your current financial situation could survive a divorce, and think you may end up with the “shorter end of the stick” financially, do not agree to any divorce settlement until you speak with a Colorado Springs divorce attorney.

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