Dividing Debts Accumulated During Your Marriage When You Divorce
Whether you are still considering a divorce or in the middle of one, one of the main issues you must address is property and asset division. This issue may cause contention between you and your spouse. But, apart from your marital assets, the debts accumulated during your marriage are also subject to division. Because the majority of couples in Alabama may owe a significant amount of money, dividing debt is as essential as dividing assets. Although the marital debt may not be so much of a headache when your family benefits from two income sources, it will be worrisome to think who pays a certain bill when you divorce. If you are concerned about marital debt and how it is split during your divorce, you should consult one of the best Divorce lawyers in Alabama to get the answers you need.
Dividing the Bill
When a court makes a divorce judgment, it will indicate the party that should pay certain bills while splitting marital assets and property. Often, the court wants to split such items fairly, although one of them may be used for balancing out the other. For instance, if one of you gets more property, they might be assigned a bigger portion of the marital debt. A prenuptial agreement will dictate how marital assets and debts must be split.
What to Expect If One Spouse Does Not Pay
Not all spouses can pay the debts assigned to them after a divorce, causing creditors to seek payment from the other spouse. In this case, you can file a court petition to enforce your divorce agreement. This will require your ex to show up in court and explain the reason for not paying the debt assigned to them. Also, your ex may face jail time or fines. If possible, it is best to pay off the debt fully before a divorce to simplify your situation and understand your financial situation clearly. Avoiding the complexities of a divorce will let you go through the process smoothly as well as help you save money, time, and stress.
Going through a divorce can overwhelming. Thankfully, you can hire a Divorce lawyer Fort Bend County Texas who understands your situation and commits to offering the support you need while helping you navigate the complicated process. A great lawyer will guide you through every step of the process as well as treat you with respect and compassion. With your lawyer’s level of commitment to their clients, you will get personalized attention and support from them.
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