What is Division of Debts?
The division of debts, in the context of divorce or legal separation, refers to the process of allocating and distributing the financial obligations and liabilities that were accumulated by a married couple during their marriage. Just as marital assets are subject to division, so too are marital debts.
Throughout a marriage, a couple may invest in expensive property or possessions. Spouses may also take out loans for certain purchases or acquire credit card debt over time. If the couple decides to divorce, these outstanding payment plans may be a subject of controversy when attempting to divide the responsibility of the debts.
Common Forms of Joint Debt
Any debts that were acquired by an individual prior to marriage generally will not be considered during the division of debts. The only types of debt that will be considered during a divorce proceeding are those that the couple invested in together.
The most common joint debts include:
- Credit card debt
- Bank loans
- House mortgages
- Car payments
- Other investments
Anything the couple has chosen to purchase together that has resulted in a remaining debt or continued payments will be considered during the division of debts. This can be a complex process, making it important to have a knowledgeable legal professional on your side as you seek to protect your financial stability. If you or someone you love is considering divorce, the attorneys of Klein Law Group are prepared to offer their legal experience and knowledge.
Divorce Attorney in Boca Raton
Divide & Conquer the Responsibility of Your Marital Debts
Our Family Law Attorneys have years of experience fighting for the rights of individuals going through a divorce and helping them understand their rights.
If you are preparing for a divorce or have questions regarding the division of debts process, consulting with a legal professional may be helpful. Connect with our Family Law Attorney in Boca Raton. Call 561-353-2800 or contact us online.