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Should you file for bankruptcy before filing for divorce?

If you are a Manassas resident who is contemplating getting divorced, it's important to get your ducks in line before filing the petition in the civil court. Divorce can be an expensive undertaking, but there are ways for the parties to reduce the costs they incur. Read on for some tips from divorce and finance professionals to learn how you can minimize the expenses of your divorce.

Tips for saving money for divorcing couples

  • Work out the details yourselves. While this is not possible on every issue or even for every couple, the more issues that are settled between the two of you, the fewer that must be litigated between opposing counsels in court.
  • Take advice from professionals. It's human nature that as soon as friends and colleagues know that you are divorcing, they dispense all sorts of advice, welcome and otherwise. Remember that you are paying good money for professional legal advice from your family law attorney. It makes good sense to heed it.
  • Close joint accounts. Open new checking and savings accounts in your name only and remove your spouse's name from your credit accounts.
  • Change estate planning documents. Choose another beneficiary for retirement accounts, wills, health care proxies and living wills, powers of attorney and trusts.
  • Switch utilities and post office boxes to your name only.
  • Review joint debts. A divorce will not negate jointly-acquired debts during a marriage, and spouses can be responsible for debts that they didn't even know their husband or wife incurred.

A relocation plan must be in the child's best interests

For government workers who have gotten divorced, relocation based on a career move is a real issue. These jobs often span the country and even the world. For some employees, that's part of the allure of the job - traveling the world and having life experiences that would be impossible if pinned down in one place.

When divorced employees are sharing custody of their children, though, this same lifestyle can be problematic. Some have even said that every single outcome of a proposed move is going to have some sort of drawback. For example:

Will your divorce force you into bankruptcy?

Once the dust of your divorce has settled, you will be ready to move forward in your new life but may find yourself hindered by certain unexpected financial challenges. While divorce will certainly require some adjustment, you could be left with insurmountable financial obligations and insufficient income.

If you are facing serious money woes after the finalization of your divorce, there are legal options available to you. Instead of floundering in a cycle of missed payments and calls from creditors, you may consider filing for bankruptcy.