What may come to mind for many people considering divorce in Colorado is what will happen with the kids, who will get the home and how will I make ends meet after the divorce?
But what they should also consider is whether a Colorado Springs bankruptcy could actually help them during the divorce process. Our Colorado Springs bankruptcy lawyers have been able to help many clients who are going through a difficult divorce and who realize that filing for bankruptcy provides them with financial help at a difficult time.
While people consider how assets will be split, what about debts? Unless it is paid off, the house is likely more of a debt than an asset, plus there are car payments, credit card bills, utilities, memberships and other bills that will stack up.
This falls into the field of expertise for a divorce lawyer. But perhaps consulting with a Colorado Springs bankruptcy lawyer, who has the skills to assess your financial situation, would be a smart move if you are considering or in the middle of a divorce.
Money and divorce go hand and hand. And while there are certainly emotional issues that must be taken into consideration during this difficult and life-changing time, a spouse must also be diligently looking out for their financial prospects after a divorce.
Consider recent statistics from the U.S. Census Bureau, which reported that Colorado’s divorce rate is far higher than the national average and among the highest in the country. In 2009, the average divorce rate for men was 9.2 percent and for women, it was 9.7 percent. In Colorado, the divorce rate for men was 11.6 percent and for women it was 9.4 percent. So, it appears women in Colorado divorce at the national average, but men are far above the national average with widowhood making up the difference.
For couples willing to work together to this end, filing for a joint bankruptcy in Colorado Springs before or during a divorce may be beneficial to both spouses. Often, though, a divorcee may have to make this decision on their own after the divorce is finalized.
If you are struggling with debt and need to speak with an experienced Colorado Springs bankruptcy lawyer, contact attorney Stephen H. Swift at (719) 520-0164 for a free initial consultation.