Understanding The Division Of Debts In A Divorce
Just like other marital property, division of debts between a couple has to be fair and equitable. There may be situations when one member of a couple is more financially well-off, and therefore can take on more debt than the other. You may need a lawyer to help you determine how debts should be divided during divorce.
At Dwire Law Offices, we have decades of experience in family law, including the division of property and debts. We can help you figure out how much of the marital debt you are actually responsible for and make sure you are not treated unfairly or taken advantage of by your spouse when dividing debts during a divorce in Apple Valley, Burnsville, Eagan, Lakeville, Prior Lake, Savage and Shakopee.
Determining Who Should Pay The Debt
Marital debt is considered to be debt that a couple incurs together such as a mortgage, a car loan or credit card debt. Generally, it is debt that was incurred while the couple was married. In some cases, one person joins the marriage with his or her own external debt, which the couple then works together to pay off. If this debt is not fully paid off, or if there are other considerations, there may be some debate as to whether this is marital debt or not.
There may also be issues regarding debt that are incurred after the divorce proceedings are started. For instance, if one member of a couple runs up a lot of debt on a joint credit card after the petition is filed, he or she may try to have that considered marital debt, when it may not be a legitimate claim.
Our attorney will review your financial situation as well as the proposed list of marital debts to determine what you are and are not responsible for. From there, he will work to find a fair and equitable division of your marital debt between you and your spouse. If there are possible issues regarding your joint credit cards, he will help you get your spouse’s copy of the card shut off or put the account on hold if necessary.
Call Today To Schedule Your Free Consultation
Like other property division concerns, the division of debts can have a huge impact on your divorce settlement and financial future. Working with an experienced lawyer can make a huge difference in the outcome of your case. To schedule a free consultation and learn more about how we can help you, call 866-442-9693 or send us an online message. From our Lakeville law office, we can help clients in Rice, Dakota and Scott counties.