When you are forced to divorce from your spouse, you are confronted an array of issues that you must resolve. One of the biggest concerns that couples have when they first start their divorce proceedings is what will happen with their property and assets when it is time to divide them up. Although property division can cause ugly disputes between couples, it is often the debts that they have accumulated throughout their marriage that can cause the biggest hurdles in their divorce settlements. Below, we explain what happens to a couple’s debts when they decide to get divorced.
Splitting Up the Your Debts
As part of your divorce judgment, the court will decide which spouse is responsible for paying specific bills and debts, as well dividing your shared property and assets. The court will attempt to divide all of these things as fairly as possible. For example, if one spouse is awarded a larger portion of the shared property, a judge might also assign them a larger portion of the shared debt to balance out the decision. That being said, if you have a strong prenuptial agreement in place, it will dictate how your shared debts and assets are supposed to be divided.
When Does a Spouse Not Have to Pay Their Debts?
Unfortunately, there are situations that arise in which people cannot realistically afford to pay the debts that have been assigned to them in their divorce settlement. This can result in creditors and other types of debt collectors coming after the spouse who is legally responsible for the debt. This is why it is important to have an experienced lawyer by your side who is capable of protecting your legal rights throughout your divorce proceedings. If your spouse doesn’t pay their assigned debts and creditors come after you, you can petition the court to enforce your divorce agreement. This will require your ex-spouse to appear in court and explain to a judge why they are ignoring their legal obligations.
If you have the necessary financial resources, it is best to clear all of the debts you are responsible for before you go through with the divorce process. This will simplify your financial picture and speed up negotiations. The less complex your debts are the easier the divorce process will be, saving you time, money, and unnecessary stress.
Talk to Our Richmond Divorce Lawyers About Your Case
Deciding to go through with a divorce can be an emotional and overwhelming experience. Our experienced team of family law attorneys understand what you are going through and we can help you prepare for the obstacles you will face throughout your case.
At DeFazio Bal, our legal team is committed to providing our clients with the support they need. Divorce is complicated, and our Richmond divorce lawyers will walk you through every aspect of your case to make sure you understand all of the legal implications that directly affect you. Let us put our 50+ years of experience to work for you.
Call (804) 250-3729 to schedule your free consultation with one of our Richmond divorce attorneys.