Looking to Get Divorced but Need to Do It on a Budget? What to Know About Mediation and Bankruptcy

If you're looking to get divorced but aren't sure how you and your spouse could possibly afford to, since money is already tight, there are some ways you can still make it happen. It may take the both of you swallowing your pride, and you'll have to work together, but you can save thousands if you try to do mediation instead of dragging the case out in court.

Benefits of Mediation

Mediation is going to save you money in the following ways, especially if the two of you are able to use one attorney to manage the case.

  • You can split the costs of one legal professional.
  • You can avoid court fees by settling at your lawyer's office with mediation.
  • You can mediate quickly to keep costs low.
  • You can split debts and bills fairly instead of sticking one person with the majority of them.

These are just a few things to consider that can help you save. If you have a lot of debt, you may want to talk with your lawyer, who can handle the mediation about bankruptcy.

Bankruptcy Prior to Divorce

If the debt that the two of you have is staggering, and you don't know how you could ever pay it off, especially when each of you has to start paying living expenses off one income, declaring bankruptcy may be a viable option. Bankruptcy is not a quick fix, and it stays on your financial track record over time, but talk with your lawyer to see if you should apply for bankruptcy before you move forward with the mediation.

If you are able to do so and get a Chapter 7 or Chapter 13 bankruptcy approved, you won't have to take the debt with you into your new life of not being married, and this could make the divorce easier. The lawyer can go through your financial records to determine if declaring bankruptcy would be the best option for you.

The financial strain of divorce can be overwhelming, but you don't want to live with the stress of being in a relationship that doesn't make you happy either. Talk with a local divorce law firm such as Finocchio & English to see if you and your spouse can work together quickly and on a budget to get things settled at an affordable cost, and consider seeing if bankruptcy might be the best way to rid you of your debts before you part ways. The more the two of you can work together without complications to get these things completed, the easier and faster the divorce will be.