While Valentine season might not be the most romantic time to bring up divorce, as a bankruptcy attorney, I am always thinking about divorce (insert Henny Youngman joke here). After all, divorce is one of the leading factors that cause my clients to file bankruptcy. It’s easy to understand why. Oftentimes, there is suddenly a division of assets and income. Newly single people have a hard time handling the debts they incurred with an ex-spouse. When debt significantly outweighs income, it may be time to consider bankruptcy.
Kathy M. Kristof over at the Los Angeles Times has some useful tips for saving money during your divorce that might just keep you out of bankruptcy. She boils them down to three points: Get Real. Get Therapy; and Get Organized. Legal fees from a divorce can add up quickly and might force you to seriously consider bankruptcy. During this stressful time, you may want to take an objective look at your situation and decide if you need to rack up thousands in legal fees, “out of principle”.
You can read the story here. Keep in mind that she is writing this for readers in California, so not everything may apply. Overall, though, it’s sound advice. As hard as it may be, try and remove the emotional aspect of your divorce and think of the economic consequences. You’ll thank yourself later.
