How Is Debt Divided in a Divorce?
Hire An Experienced Attorney To Help You Fight For A Favorable Outcome
As complicated and contentious as dividing assets can be during the divorce
process, determining how to divide debt can become even more so. During
this time, you need to factor in what percentage should be considered
separate and what percentage should be considered as well as whose name
the debt falls under. Depending on how much you and your soon to be ex-spouse
owe, it may be difficult to determine just how much each party should
remain responsible for once your divorce is finalized. Hiring an experienced
family law attorney will put you in the best position possible to navigate
Give us a call at (909) 992-0188 to speak with a member of our firm today.
Divorce can be a complicated and stressful experience, and our San Bernardino
property division attorneys here at James D. Madden & Aruna P. Rodrigo, Family Law Attorneys are
ready to help make the process as smooth and stress-free as possible.
With nearly two decades of experience, our firm has the knowledge you
need to ensure that you move on to the next phase of your life in the
best position possible. Whether you are just starting the divorce process
or if you’ve been working your way through it for a while, contact
us today to learn how we can be of assistance.
What Should I Look Out For?
While debt is treated like any other property during the divorce process,
the most important piece to pay attention to is which spouse’s name
is associated with the debt. Even if you and your soon to be ex-spouse
come to an agreement to pay off the debt together, the company or companies
you owe money do are unlikely to honor that. If the debt is under your
name and your ex-spouse misses a payment, you will likely be on the hook
for any penalties, fees, and / or interest.
The best course of action may be to pay off all debt before the divorce
is complete – this could involve selling off real estate rather
than fighting over who ends up with the home. You may also decide to pay
sign up for a new credit card and transfer the balance to your new account.
No matter what you decide to do, it’s in your best interest to hire
an experienced family law lawyer to help you through this process.
Fill out our online form to request a free case evaluation.
Hire The Experienced Lawyer You Need Today
At James D. Madden & Aruna P. Rodrigo, Family Law Attorneys, our San Bernardino property division
lawyers have helped hundreds of clients successfully navigate their divorce
process by providing the experienced and knowledgeable counsel they need.
If you are considering filing for divorce or if you’re already deep
into the process, give us a call at (909) 992-0188 to speak with a member
of our firm, or
fill out our online form to request a free assessment of your case today.