Division of Debts in Divorce in Granite Bay, Calfornia
Protecting Your Financial Interests Through Dedicated Advocacy
When a marriage ends, there are a variety of legal matters that must be resolved before a legal dissolution of marriage can occur. One such matter is the division of debt among spouses. The spouses may vehemently disagree about how their debts should be divided and may seek an order from the court to resolve this disagreement. Division of debt is a critical issue for many married couples embroiled in a divorce. The outcome of debt division can have ramifications that last for many years. Enlisting the assistance of an accomplished divorce lawyer in Roseville is a critical strategy when contemplating an issue of this magnitude.
Factors that Affect Debt Division
For many spouses, the worst-case scenario is to acquire a debt from which the spouse did not benefit or did not consent. Divorcing spouses often want to resume their independence after the divorce with minimal connections and obligations to the other spouse. However, the courts consider many factors when distributing the debt between the spouses, such as:
Which spouse incurred the debt
Which spouse benefited the most from the debt or stood to benefit the most from it
Whether the debt is associated with a certain asset and which spouse will maintain ownership of the asset after divorce
Who is best able to pay the debt
If the spouses agree about how debt should be divided, they may ultimately try to transfer responsibility for paying the debt to one spouse. However, it is important for spouses to understand that creditors are not under the jurisdiction of a divorce order. Therefore, the creditor can continue its collection efforts and hold both spouses liable even if the divorce order transferred the debt from both spouses to one spouse. Spouses may have to refinance debt in order to completely remove a spouse from the debt and their obligation to pay it.
Dedicated Legal Representation in Debt Matters
It is important for individuals to understand their legal obligations related to debt and to have a dedicated advocate on their side who will help them avoid years of paying debts that they did not personally incur. The talented legal team at Herrig, Vogt & Hensley, LLP routinely achieves success in debt division matters as a result of their hard work, thorough organization, and a well-presented case on behalf of their clients.
Contact us online or call us to speak to a qualified divorce lawyer about how marital debts are divided in divorce.