Division of Family Propety
Dividing Debt and Liabilities
Just as the law requires the equal division of family assets, it too requires the equal division of family debt. Our lawyers can help explain, lay out an review your options with you so as to find a solution that works best for you. Well help you balance legal issues with the associated cost of pursing each resolution so you can make an informed decision before pursing legal paths that might incur unexpected costs. Our goal is to ensure you move forward from your divorce on a solid financial footing so you can move on confident about your future.
What debt and Liabilities are divided?
Any debt brought into the relationship by either partner is divisible at divorce. It doesn't matter whose name is on the paperwork. Such debts to be divided include:
- credit card debt
- income tax debt
- lines of credit such as student loans
- car loans and leases
- other personal loans or loans from family
If you have been out of the work force for years to take care of the kids or do home making activities you might be wondering how you are going to start paying off your share of the debt. In such cases when one spouse is not in a situation to pay back their share of the debt right away, the law may see this as an unfair burden to this spouse and may require changes to the division of debt. Such cases require careful supervision and investigation and there are often no guarantees on the outcome.
The law tries to be fair and make sure that neither partner ends up carrying the entire financial burden. Likewise we will do our best to make sure that you get a fair result.
What happens when one spouse attempts to hide assets or rack up huge amounts of debt on credit cards leaving financially crippling payments? If this has happened to you come and speak with us. we can work with financial experts to dig up the evidence required to reveal the truth and ensure you don't end up with an unfair share of debt to pay off.