Spouses who are getting a divorce are confronted with a number of issues that must be resolved before they can move on with their lives. While many couples argue over how their property and valuable assets will be divided, it is often their shared debts that end up causing the most problems. In this blog, we talk about what happens to your debts when you get divorced.
Splitting Up Debt
As part of a couple’s divorce order, the court will determine who will be responsible for paying specific bills and debts. Because courts are supposed to divide debt as fairly as possible, one spouse might be awarded a larger portion of the shared property, while the other spouse is given a greater portion of the shared debt. This is why it is important to have a prenuptial agreement in place to make sure you don’t end up paying for debts your ex incurred.
What Happens When a Spouse Doesn’t Pay Their Debts?
Sometimes situations arise where a person can’t afford to pay the debts they have been assigned in their divorce orders. When this happens, creditors and other types of debt collectors will come after the spouse who doesn’t pay the debts they are responsible for. For this reason, you need a skilled attorney on your side who will advocate for your rights and fight to protect you throughout your divorce proceedings.
If creditors come after a person because their ex fails to pay their debts, they can petition the court to enforce their divorce agreement. Enforcing a divorce agreement will require the delinquent party to appear before a judge and explain why they have been ignoring their legal obligations.
If you are in a good financial position, you should pay off all of the debts you are responsible for before you start the process of getting divorced. Getting a handle on your debts early on will simplify your financial picture and speed up your divorce negotiations. The less debt you have to deal with, the easier your divorce will be, which can end up saving you time and money in the long run.
Speak to Our Granite Bay Divorce Lawyers Today
Deciding to divorce your spouse and move on with your life can be an overwhelming experience if you take it all on by yourself. The legal team at Myers Family Law have more than 25 years of experience helping families resolve their disputes. We understand what you are going through, which is why we are here help you overcome the different obstacles you will encounter throughout your divorce.
Our friendly legal professionals are committed to providing all of our clients with the compassion and support that they need during this stressful time. Divorce cases can become complicated, and our lawyers will guide you through every aspect of your case to make sure your rights and interests are fully protected. Let us put our skills and resources to work for you today.
Contact our Granite Bay divorce lawyers to schedule your free case consultation with our legal team.