Tuesday, February 25, 2014
Custody Battle Expenses Lead to Bankruptcy
It happens every day to women and men across America, but it makes headlines when it happens to celebrities. The heart wrenching process of fighting for custody of your children is often made more devastating because mounting legal fees can send your finances into a downward spiral that ends in bankruptcy.
Recently Oksana Grigorieva, Mel Gibson’s former girlfriend, filed for bankruptcy after their protracted legal battle over custody of their daughter, Lucia. Although Grigorieva won $750,000 to be paid out over the next few years, her debts are now significantly more than her assets. She has declared about $438,000 in debt and only $48,000 in assets. In her bankruptcy filings, she claims that the majority of her debt is due to legal fees associated with her custody battle with Gibson.
Many people find themselves in financial difficulties following divorce or custody battles. With the help of an experienced bankruptcy attorney, you can start putting your financial life back together.