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How can I be financially prepared for divorce?

As hard as it may be to accept, sometimes a marriage does not work out, and a divorce is the best long-term solution for all of the parties involved. But going through a divorce can be an emotionally draining experience, fraught with anger about the past and present and apprehension about the future.

If you are facing the prospect of divorce, your financial situation could be causing you a great deal of anxiety. The fact is, divorce, however necessary, can be an expensive endeavor and you may wonder what you can do to create a better financial situation for yourself post-divorce.

One of the first things you can focus on is paying down your joint debts as quickly as possible. If you have debts that are attached to both you and your spouse, be it for a mortgage or credit cards, you will each be held accountable for the payments. So what you want to do is clear those debts while you are still married. You then want to freeze or close those accounts to prevent them from occurring further joint debts.

But it may be that your debts coupled with other expenses associated with your divorce creates a dire financial situation. If the culmination of all of your debts, joint and otherwise, are so excessive that there is no way for you to ever achieve solvency, you may have to look for effective debt relief options.

Filing for personal bankruptcy, either Chapter 13 or Chapter 7 could be the best option available for resolving your financial challenges. So if your divorce leaves you in a financial hole, an experienced bankruptcy attorney could help you get a fresh start that vastly improves your economic and personal well-being.

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