Many individuals face both money and marital problems.
Often, these problems culminate in a divorce, which many couples see as the only way out of their problems.
This, of course, is not always the case.
In fact, getting a divorce may further complicate finances for one or both of the spouses.
In many cases, the only way that individuals can cope with their debts is through bankruptcy.
Depending on the specific situation, it may make sense to declare bankruptcy before filing for divorce.
Other times, it may not make sense to do so.
To figure out which scenario makes more sense for you, consider how both your and your spouse's finances will be after a divorce.
Will you both be well off? Will one of you be well off and the other not? Will both of you struggle to make ends meet? If you answered yes to either of the last two questions, you may want to seriously consider declaring a joint bankruptcy with your spouse before you get divorced.
If you answered yes to the second question, determining whether you should declare bankruptcy at all can be tricky.
If you will be worse off or one of you will only be slightly better off than the other, you may want to try to convince your spouse to declare a joint bankruptcy.
When an individual declares after the divorce is finalized, his or her debts may transfer to the ex-spouse, who may or may not be able to handle those excess debts.