Examining Your Financial Options Before Divorcing

Some would say that staying in a failed marriage is not worth the pain. When the financial costs of divorce seem too great, couples may decide to file for bankruptcy before or after filing for divorce. A Chapter 7 filing can relieve the pressure of crushing consumer debt, and Chapter 13 may be useful for couples behind on their mortgage payments and facing foreclosure. Such moves should not be taken without professional advice, as both create long-term problems even as they solve more immediate considerations.

Some spouses, drowning financially because of the underwater mortgage, may be able to short sell the home. In a short sale, the lender pockets all the proceeds from the sale of a property even though it sells for less than the mortgage debt, and the homeowners are relieved of the mortgage payment.

Singing the divorce blues in the time of a gray economy makes for very melancholy music, but some people sing the song anyway because they must.



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Suggested Reading
The Property Division Handbook The Property Division Handbook
This book will explain in detail the property distribution aspect of divorce and separation. It will focus on the rights each spouse has under certain laws, situations, and circumstances, and how the division of the property will be decided by the court or through negotiation.

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COMMUNITY PROPERTY VERSUS EQUITABLE DISTRIBUTION -- There are two basic ways to handle divorce property division: Community Property: Alaska, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin and Puerto Rico are community property states. This means that all marital property is typically defined as community property or separate property. When divorcing, community property is typically divided evenly, and each spouse keeps his or her separate property. Equitable Distribution: All other states follow equitable distribution. This means that a judge decides what is equitable, or fair, rather than simply splitting the property in two. In practice, this may mean that two-thirds of the property goes to the higher earning spouse, with the other spouse getting one-third.
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