Many sources say that money is one of the primary factors in numerous divorces across the nation -- this most likely includes many couples here in New Jersey. If you and your spouse are having money problems that are leading to divorce, it may be beneficial to slow down and consider what to do about your marital finances before going your separate ways. Depending on your circumstances, it may be more advantageous for you and your spouse to file for bankruptcy before filing for divorce.
If your spouse files for bankruptcy either during or after the divorce, you could end up being held responsible for all of the marital debts, including those that your partner agreed to pay during the divorce proceedings. If your name is still on the debts, creditors are under no obligation to honor your divorce settlement. They may come to you for payment of the debts that your ex-spouse has discharged during bankruptcy.