Like asset and property division, dividing debt during a divorce is equally important. Debts from any lines of credit, loans, or declining real estate you and your spouse accrued over your marital period become your joint responsibility. However, there is a chance you may have to settle the debts that were incurred during your marriage, but are not in your name, depending on your health, assets, income, and personal situation.
At Keller Legal Services, our debt division attorneys can help you with unfair debt division and fight for your rights aggressively. We work closely with our clients in matters related to debt division in divorce, and ensure that you are not saddled with debt that wasn’t yours in the first place. We come up with innovative solutions for negotiating a settlement that not only ensures your financial best interest, but is also fair and protects your future.
During divorce proceedings, debts must be categorized as either separate or marital. Debts incurred before marriage or after separation are classified as separate, and are the responsibility of the spouse who amassed it. In contrast, those financial obligations that are incurred during the course of marriage falls under martial debt, and regardless of who accrued it, both the spouses are equally responsible for paying off that debt.
A debt division attorney from Keller Legal Services can help you understand which of your debts are separate and marital, and whether you are liable to pay them. The following are some forms of debt commonly divided in divorce cases.
One of the recommended steps to take when you decide to get a divorce is to close any joint accounts shared between you and your spouse. This will save you from incurring any unnecessary debt under that joint account, which can have a negative impact on your credit rating.
The outcome of the division of debt can have a profound effect on your life after divorce. Deciding which party should be held accountable for settling debts is rarely straightforward, and the court procedure for making these decisions often yields less than ideal conclusions. Whether you are going through a collaborative divorce, facing a high net worth divorce, or pursuing legal separation, you need a reliable and experienced attorney to evaluate your case and effectively negotiate on your behalf in order to secure your future.
Don’t compromise on your credit standing by getting buried under debts that are not your responsibility. Consult with one of our debt division attorneys today.
We invite you to schedule a free initial consultation by calling 630-868-3093 or by contacting the firm online.