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Bankruptcy and divorce can make a good pairing

Did you know that when you file for divorce, one of the "assets" that is eligible to be divided amongst the two parties is debt? Yes, you could end up paying for your spouse college tuition or their hefty credit card bill; although the same goes for them if you have any leftover debt. It is an interesting quirk to divorce law that can be beneficial for someone going through divorce, or a pain for someone going through a divorce.

Dealing with these debts before the divorce gets rolling can save both you and your spouse a lot of stress and unnecessary litigation. For example, if you seek a bankruptcy claim before divorce, you could have some of your debts discharged. That's one less thing the two of you have to worry about when discussing a divorce agreement, and it allows you to focus on the more important aspects to your split.

Obviously, you will want your divorce lawyer to have a grasp of bankruptcy law if you choose to go this route. What else can you do with a bankruptcy filing while going through a divorce? Well, if you can convince your spouse to go through the bankruptcy with you, then it could help even more when the divorce comes around. It's no guarantee, and every case is unique; but it could behoove certain parties to go this route.

Again, consult an attorney and get your case organized so that you know which legal option is best for you as you seek the split.

Source: Lansing State Journal, "Divorce, bankruptcy sometimes go hand-in-hand," Gene Turnwald, Sept. 27, 2013

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