Bankruptcy and Divorce

Top Divorce Lawyer

Nearly half of all married Americans will undergo a divorce at some point in their lives. Studies have determined that the average marriage ending in divorce only lasts 8 years. It is a problem frequently encountered by couples in the U.S. But, why are so many Americans filing for divorce? Below are a few reasons stated by former couples.

  • Lack of communication. Couples that lack communication skills may have difficulty determining their spouse’s expectations for the marriage and for them. This can result in contempt for the spouse when it comes to making life altering decisions. 
  • Infidelity. One of the most common reasons for divorce. Many cultures place an emphasis on monogamy and vows to remain faithful to their partner. Some may argue that it is human nature to exhibit territorial tendencies; and once you are committed to your partner, you both belong to one another. Catching your partner with another individual can cause intense feelings of jealousy and anger. A spouse may also feel ashamed when discovering their partner cheating. They may feel as though they are insufficient in their marital or sexual duties. Whatever the feeling may be, infidelity is among the top motivating factors to divorce. 
  • Money. Society in the United States is spurred by money. Sometimes, there is simply a pride factor associated with finances. Some individuals are motivated by the security associated with money; some are swayed by the independence money can provide. Unfortunately, when couples are dissatisfied with their financial situation, they may be inclined to end the relationship. If their finances hit rock bottom, bankruptcy may provide a way to start over. 

How to Address Both Bankruptcy and Divorce

Bankruptcy may be the underlying cause of a divorce, or a divorce may be the reason an individual or couple need to file for bankruptcy. It is important to be patient with both decisions. If you prepare yourself accordingly, you can save money and avoid unnecessary complications. 

Main questions to consider when determining which claim should be filed first: what is your debt situation, where are you currently living, and what form of bankruptcy do you want to file? It is also important to understand filing for joint bankruptcy incurs the same fees as if you were to file as an individual. It can save you large amounts of money in court fees and usually attorney fees. 

There are many factors to consider and the legality of both situations can be overwhelming. It is recommended to seek advice from a professional attorney. A same sex divorce lawyer in Austin, TX should be able to guide you through the divorce process and may provide advice or resources to simplify the situation.

Thanks to Gray & Becker, P.C. for their insight into family law and how bankruptcy can affect divorce.

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