The divorce rate in Ketucky was viewed as above average back when it was 0.013%, or roughly 13 out of 1,000 people.
Climbing up to 33% higher than the national average, the Kentucky divorce rate may soon have an effect on a couple’s advantages of filing for bankruptcy.
Can couples really save themselves money by filing for bankruptcy before they file for divorce?
In today’s economy, this is becoming more of a practical option then waiting until the divorce is finalized. It’s no wonder that couples are choosing to file for bankruptcy before divorce. Practically speaking, it does make more financial sense.
After the divorce, neither party may wish to keep the house, but it’s eliminating the debt that is of most interest. During divorce, debt is divided just like property and other assets. 
It’s a protective strategy for many couples, who can eliminate the risk of carrying on their ex’s debt well after the divorce and it also gives them a fresh start.
Remember if you file for bankruptcy before filing for divorce:
- All property bought during the marriage is included in the estate and the value of it is used to pay off the debt you owe as a couple.
- You may file for divorce during the bankruptcy process.
- Some property may be deemed exempt by the courts, meaning that it cannot be included as funds toward your debt and instead is divided evenly amongst you both.
- Can I force my spouse to file for bankruptcy even if he or she doesn’t want to?
- Should we file jointly and hire separate lawyers?
- How do we agree on the division of the debt?
- How should we divide the exempt property?
Related articles
- No Fault Divorce In Northern Kentucky: It Isn’t My Fault
- Three Most Important Things To Do After Your Divorce In Northern Kentucky
- 5 Common Mistakes Couples Make When Filing For A Divorce In Northern Kentucky
