An Avvo survey recently found that the single item spouses considering filing for divorce fear is the expense. In fact, 58 percent of individuals filing for divorce without children claim that this is their number one fear. For those without children, concerns over child custody are understandably number one, with divorce costs close behind.
The fact that so many individuals fear the cost of divorce isn’t that surprising when one hears the statistic that the average divorce costs $15,000. This expense would be considered significant for anyone, but imagine what can happen when individuals take on this cost at a time when they are cutting their income and assets in half.
For most couples, when they get married, getting a divorce isn’t even in the picture. The pair plans their entire life under the assumption that they will be together forever. Of course, there is nothing wrong with this. When they get divorce later, the truth is that a lot of individuals find themselves with financial concerns when it is all said and done.
When the bills start to add up, it isn’t too long before the creditors start calling. Even when creditors follow the rules of the Fair Debt Collections Practices Act, the constant calls, letters and even a falling credit score can quickly become overwhelming.
Filing for bankruptcy is one way to quickly and effectively stop collection actions in Florida. This isn’t the only debt relief option, but in order to make an informed decision, an individual burdened with debt should consult with an experienced bankruptcy attorney.
Source: Forbes, “Two Divorce Trends Identified In The Legal Marketplace,” Jeff Landers, Sept. 10, 2013