Division of Debts in a Divorce
When a marriage ends, there are a variety of issues that must be resolved before a legal dissolution of marriage can occur. Important matters must be concluded relating to division of assets, spousal support and even child custody matters if children are involved. One such matter is the division of debt among spouses, and this can be a real point of contention that often ends in family court. Division of debt is a critical issue for many married couples undergoing divorce proceedings, and so the enlistment of an accomplished divorce lawyer in may prove to be a decisive advantage in any judgment.
The acquisition of a spouses' debt in divorce proceedings is certainly a worst-case scenario for many individuals who are seeking to dissolve their marriage and resume their independence. Although the final court decision may seem unfair, all participants should understand that the decisions regarding ownership of debt depend on real factors like which spouse created the debt, which spouse stood to benefit most from the debt such as with student loans, and also who is in the best financial position to repay the debt. In cases where both spouses cannot be separated from the debt due to joint responsibility, then every effort must be made by all parties to settle the matter in whatever way possible by ultimately transferring the debt to just one spouse.
Divorce Lawyer in , CA
Debt division is a very serious part of the divorce process. Individuals who do not understand which debts they are accountable for and why may face years of paying debts that they did not personally incur. routinely achieve success in debt division matters as a result of hard work, thorough organization, and a well presented case on behalf of our clients. We can build a very convincing argument to avoid ownership of certain debts, and have built a solid reputation throughout the area for getting the job done.
Contact a divorce attorney if you are seeking a legal dissolution of your marriage and would like to speak with a legal professional about how marital debts are divided.