A problem for many married couples today is the amount of debt they incur while married. Everything from mortgages, auto loans and even credit card debt can be considered debt that is appropriated to both parties. Sometimes poor financial situations can even be a factor in a Montgomery County couple’s decision to get a divorce. For those in a tough spot financially, how a couple’s debt is divided is crucial in divorce proceedings.
Some people are not aware that marital debt is often handled much in the same way that marital assets are in divorce settlements. Appropriating the equitable amounts of debt to the responsible parties can be determined in divorce proceedings. It is important to do a full and thorough examination of all finances including assets as well as the existing debts. Understanding the true financial situation is the best way to determine appropriate asset and debt division between divorcing parties.
Because marital debt is often obtained together, it is usually obvious how to split that debt in a fair way. However, if one party was responsible for a large portion of credit card debt, for example, it is important that an innocent party need not be held responsible. Proving joint debt from debt incurred by one party is important during divorce proceedings. Equitable division of assets and debt is the goal of Steven C. Girsky and it is our wish that no client be responsible for any debt they cannot handle.
This is why we work so hard to establish a fair asset and debt division for our clients. We understand the financial strain that divorcing people may be under during this difficult time. Debt can feel overwhelming, especially when a person feels you may be solely responsible for payments after a divorce. Our law firm can help determine what may or may not be a financial concern for people who are considering divorce. Our website contains some helpful information about property division and many other important divorce issues.