How Does Divorce and Bankruptcy affect each other?
Divorce and bankruptcy are both legally complex life changes that many people struggle to understand. If you are attempting to handle both of these at the same time, it can be even more of a challenge for you. While they are both different and have to be handled in their own way, divorce and bankruptcy can have an impact on one another. The laws for each have to be discussed with a Henderson divorce attorney so that the best course of action can be determined for you. Las Vegas family attorneys will explain if it will be better to file for bankruptcy before or after your divorce, depending on your individual case.
Bankruptcy and Divorce: Which to File First?
Though bankruptcy is not usually part of a divorce case, there are times when the need to file for this relief plays a role in when to file for divorce. The two impact each other because your financial status before and after the divorce can be significantly different. There are a number of factors to consider to determine if it will be beneficial for you to file before or after your divorce.
If you file for bankruptcy before the divorce, you can get rid of debt so that you don’t have to worry about splitting it during the divorce. This will ease the financial burden on you and your soon-to-be ex-spouse.
Alternatively, Las Vegas family law attorneys can advise if filing after your divorce is the best route. When you file after, your assets are divided which shows that you have less money and you can possibly have any support orders decreased.
A Henderson divorce attorney will be able to show you how these two are related and which would suit your best interest to file first.
At Pintar Albiston, our professionals will take you step by step through the best plan action for your case. Contact us for more information.