How Are Debts Divided In Divorce?
After a divorce, most people want to begin a new life with no strings attached. Many couples considering divorce immediately think about dividing their property. However, the division of debt is equally important. Unless you take adequate measures to protect yourself, such as seeking an experienced local divorce attorney, it can be difficult to escape jointly incurred debt such as credit cards, mortgages and loans. In fact, you may leave yourself vulnerable to paying more than your fair share of the debt.
Understanding Debt Division
Experienced attorneys understand that prioritizing your financial health should come first during property division procedures. This includes creating a comprehensive plan for debt division. You may be able to divide your debt strategically by:
- Negotiating for certain assets in exchange for also avoiding debt
- Examining debt to ensure only marital debt is divided
- Leveraging debt when negotiating spousal maintenance (alimony)
As attentive and effective attorneys, we focus on your future. Work with our team of attorneys.
Work With Attorneys Who Focus On Debt Division
The attorneys at Fay, Farrow & Associates P.C., have been protecting clients throughout their divorce process for years. We have substantial experience, and we want to make sure that you are not taken advantage of during your divorce.
There is much to consider when planning a divorce, and you must be absolutely certain you have legally binding agreements or a judgment in place which divides debt fairly. We do not charge for an initial consultation, so contact us today at 630-230-1468 to learn how we can defend your rights.