Debt & Divorce
How Will The Debts Be Divided?
It can be easy to acquire debts over the course of a marriage. Providing for a family requires many things such as a house, cars, furnishings, and even college educations, not all of which can be paid for upfront.
When we are happily married, we don’t think of how these types of purchases will affect a divorce, but dividing debts can turn into one of the most complex parts of the proceedings. Similar to property division, deciding which debts belong to what party takes the evaluation of many factors.
Just as someone would want to ensure that any property belonging to them is theirs after a divorce, one also wants to ensure that they are not paying more than their fair share of any debts. You should call The Karenko Law Firm as soon as your divorce delves into the realm of splitting up debts from the marriage.
My practice is devoted to family law and I, attorney Karenko, have extensive experience in all aspects of divorce, including the intricacies of debt division.
How We Can Help
Going through a divorce is never easy and as soon as you add in factors such as the equitable division of debts and property, suddenly even the most amicable couples can seem like terrible enemies. Some property and debts are exempt from equitable distribution and it can take a lot of effort to determine which are which.
When deciding on the distribution of the debts as well as the assets, a judge will begin with the assumption that everything should be divided equally.
Certain factors can justify an unequal distribution, including:
- Economic circumstances of both parties
- The duration of the marriage
- The contribution of one spouse to the personal career or educational opportunity of the other
- The contribution to the marriage by each spouse
If your marriage involved any of the above examples, or any others you feel may constitute an unequal division of the assets and debts, call me right away. As a trained litigator who resolves most of my cases in settlement, I can help with the complex issue of debt distribution.