Just as couples acquire assets in the course of their marriage, they also acquire marital debts. It used to be rather simple for a divorcing couple to forget that the liabilities incurred during a marriage were to be divided just like the marital assets. The fact is that they are distributed between the parties so that the debts are still paid, but they are distributed in a way that the court deems fair.
If you are facing divorce, you most likely have marital debts and those debts will be distributed between you and your spouse. It is important that you have a knowledgeable Florida divorce lawyer by your side every step of the way, advising you so that you can make informed decisions, as well as advocating for your best interests.
Addressing Marital Debt Division Issues
There are a number of ways in which marital debt distribution can be problematic. For instance, the marital residence may have low equity, one or both of you may have substantial medical bills, or there are high credit card balances. You attorney will be able to address these matters with you. The nature of the debt could result in a high-conflict debt division issue. Sometimes the division of assets goes rather smoothly, but the major issues come up when marital debt is divided.
The types of marital debt can include:
Home mortgage debt
Credit card debt
Business debt or personal guaranties
It is important to keep in mind that it is one thing to divide the main responsibility for a certain debt between divorcing spouses, and another thing to adjust your obligations with a creditor. If your spouse is responsible for paying a joint debt and they do not make the necessary payments, the creditor can also pursue you for payment even after the divorce is final.
Setting Realistic Expectations
It is very important that your Boca Raton family law attorney sets realistic expectations for you so that you are not lost in the process. You will be informed that joint debts can result in you being responsible for the entire debt if the other party fails to pay. All realities are kept in mind so that you are properly informed. Nonetheless, your attorney will take a realistic and practical approach to the matter, advocating for you so that you receive a fair outcome that will not interfere with your ability to move on with your life.
Contact A South Florida Divorce Attorney
Just like with marital property, marital debts are divided between the two parties as well. Just like with property, the debts may be divided equitably but not equally. If you are facing divorce and property and debt division will be one of the matters that have to be faced, having an experienced attorney by your side advocating for you will make a difference in the outcome. To learn more about your rights and options, call the Law Offices of Ronald M. Zakarin, P.A. at 561-338-5297 to schedule a free consultation.