You don’t just split up assets during a divorce. You also have to figure out what happens to any joint debts. Your creditors don’t care that you and your spouse are no longer together. They want the money they are owed. A Tazewell County marital property division lawyer from our firm can help you address these debts and ensure that you don’t end up with an unfair deal that puts more of the burden on you.
When Are Debts Joint Debts?
Any debts accumulated during the marriage are considered joint debts. This can include obligations that you and your spouse make together, like taking out a mortgage. It also includes your individual credit card bills, if one or both of you are carrying a balance at the time you get divorced.
Any debts that you or your spouse racked up before marriage should be considered separate debts. If you owned a home or a car or you had student loans before you got married, those should remain your responsibility.
How Can You Negotiate Over Joint Debts?
The court will try to split up your assets, including joint debts, in an equitable fashion. Litigation is not the only way to divide your property though. Mediation offers you and your spouse the chance to talk through issues, like what will happen with joint debts, with the help of a neutral mediator. You could also address issues like these through collaborative divorce, where you work with your lawyers and a team of professionals to find areas of agreement.
It’s important to negotiate over joint debts because you probably don’t want to be stuck giving more of your money to creditors than you should. Yes, any debt run up during marriage is a joint debt, but let’s say that your spouse had a big spending problem or gambling addiction. You shouldn’t be stuck paying off those kinds of liabilities, and a lawyer can help you make a deal that prevents you from taking on an unfair burden.
What Happens If My Ex Files For Bankruptcy?
This would not be an ideal situation. Filing for bankruptcy can delay a divorce, especially the negotiations over property division. The bankruptcy court would have to determine which assets belong to your spouse and if they can be sold off to satisfy creditors. The bankruptcy filing could also affect your joint properties though.
If your spouse files for bankruptcy, you should definitely get the advice of a divorce lawyer. You’ll need to know more about what to expect from this process and what kinds of complications could arise.
Talk to a Divorce Lawyer Today
So if you want to make sure that your joint debts are dealt with fairly, contact Butler, Giraudo & Meister, P.C. Our experienced divorce lawyers can help you negotiate a fair divorce agreement.
