Financial woes and divorce are two of life’s most challenging situations. When people try to manage both issues simultaneously, it can quickly overwhelm them.
You can file legal motions for divorce and bankruptcy simultaneously. However, ending your marriage will likely take precedence until the property settlement part of your divorce concludes.
Should you even try to pursue both simultaneously?
For most people, the answer is no. Depending on your circumstances, you will probably get better results by addressing bankruptcy and divorce separately. The next question you may have is which issue to tackle first.
Benefits of seeking bankruptcy before divorcing
Getting a handle on your financial situation ahead of divorce comes with certain advantages. Examples include:
- Ease the process of post-bankruptcy divorce
- Rid a couple of joint debts ahead of a divorce
- Reduce the time required to complete property division
You and your spouse could also each receive a larger property settlement if you tackle bankruptcy first.
Benefits of seeking divorce before bankruptcy
If a Chapter 7 bankruptcy is your goal, you may have an easier time meeting the income requirements if you get your divorce first. For example, the joint income you and your spouse earn may exceed the income requirements for Chapter 7. If you wait until your divorce concludes, you need only claim your single income, making it easier to qualify.
Get more information
Both divorce and bankruptcy are life-changing events. To discover which event to handle first, we suggest learning more about bankruptcy and familiarizing yourself with the West Virginia divorce process.