Michael Jace reportedly dealt with financial difficulties in the time leading up to the fatal shooting of his 40-year-old wife.

Jace filed for bankruptcy in March of 2011, according to the Los Angeles Times. The actor was responsible for more than $500,000 in liabilities with $325,000 in assets, the Times reported. He alsoowed $22,000 to the government.

On Monday, Jace called police and simply told them, "I shot my wife." Law enforcement sources tell TMZ that Jace's two kids witnessed him allegedly shooting and killing their mom. Michael Jace is best known for his role as Detective Lowe on the hit television series "The Shield."

It's a chilling tragedy to take in when a husband takes the life of his wife. Forty-year-old April Jace was found dead in the same household as her actor husband and two innocent and frightened kids. Los Angeles police received a call around 8:30 p.m. on Monday night confirming the shots heard in the Hyde Park area of L.A. Jace's neighbors had already reported hearing shots fired in the star's home when shortly after they received the call from Jace himself. "I shot my wife," he said.

Sources tell TMZ that the actor stayed on the phone as instructed until LAPD arrived at the scene. Jace was home alone when his wife arrived with their kids, a short time after he allegedly shot her. Michael Jace was taken into custody as of 1:00 a.n. this morning and is being questioned but has not yet been booked for his wife's death.

The couple had been married for nine years and have two sons together. The kids, both under 10 years old, were taken to the police station where they waited four hours for Child Services to arrive. Officials were upset at the organization for taking such a long time to take the children to a family member's home for support and the beginning of much needed healing. The details as to why Jace shot his wife have not been released. As of right now, police are investigating the case and figuring out what exactly happened and what would lead a successful family man to commit murder.

Michael Jace had his first taste of fame playing a minor role on the hit movie "Forrest Gump." He then shot to fame playing Christian LAPD officer Julien Lowe on the FX drama "The Shield." Isn't this story just full of ironies?