Divorce for Debtors

You went into your marriage knowing that conflict over finances has torn apart many once happy couples, but this is not what you envisioned.  The financial problems that ruined your marriage were no one’s fault; at least, they were not your fault and not your spouse’s fault.  You lied to your spouse about debts, bills, and spending not because you are greedy, stingy, or dishonest, but because you were ashamed to admit to yourself how broke you are, much less to someone whose respect and admiration you desired.  You were mean and impatient toward your spouse not because of anything your spouse did wrong but simply because you were so stressed out about living year after year in such a tight financial situation that a single digit balance in your bank account at the end of the month was the best-case scenario.  You are too emotionally exhausting to think about what, if anything, you could have done to save your marriage.  It is too late for that; the court has already received the divorce petition.  The best you can do now is to move forward, and even though money is tight, it is best if you contact a Boca Raton divorce lawyer.

What Is at Stake in Divorce When You Have a Negative Net Worth?

Uncontested divorce is the simplest and least expensive divorce option, but it is not for everyone.  In an uncontested divorce, the spouses file the divorce petition jointly, as they have already agreed on how to divide the marital property and debts.  The court simply signs off on the decision the spouses have already made and makes their divorce official.

Uncontested divorce is a good option if you and your spouse own little property together, were only married a short time, and do not have minor children.  Not every debt-burdened couple meets these criteria, though.  If you and your spouse were together for a long time, and if you have children together, you will probably need to get a contested divorce.  Regardless of whether you hire lawyers, the court will order you to attend divorce mediation.  Most couples can avoid going to trial by taking the mediation process seriously and reaching an agreement on how to divide their marital property, marital debts, and parenting time.

What if you have more debts than property?  Does it matter who gets the debts if you are just going to file for bankruptcy as soon as the court finalizes your divorce?  No matter how bad your financial situation is, don’t be hasty with divorce mediation.  Spend time drafting your parenting plan, or you will end up with an unworkable one that you will have to go back to court to amend.  Likewise, if you own your house but neither spouse can afford to refinance it after the divorce, the divorce court can ensure that the process of selling the house and dividing the proceeds is fair.  Even if you can discharge some of your debts in bankruptcy, you will still be responsible for paying child support if you have a higher income than your ex-spouse.

Contact Schwartz | White About Dividing Marital Debts in Divorce

A South Florida family law attorney can help you finalize your divorce on fair terms.  Contact Schwartz | White in Boca Raton, Florida about your case.

Source:

discover.pbc.gov/coextension/FACS/Family/WhyDebtDestroysMarriages.asp