One of the biggest concerns amongst divorcing spouses is the division of
property and assets, which tends to cause a lot of contention. However,
assets are not the only thing subject to division throughout the course
of a divorce. Given that most couples in the country today owe a substantial
amount of money, splitting debt is just as important as splitting assets.
It might not seem like much when you are married and benefiting from two
sources of income, but when you are on your own, the question of who gets
the bill can be worrisome.
Splitting the Bill
As part of the divorce judgment, the court will indicate which party is
responsible for paying certain bills while also dividing property and
assets. It is usually the goal of the court to divide these items as fairly
as possible, though it is also possible for one to be used to balance
out the other. If one spouse ends up receiving more property, for example,
he or she might also be assigned a larger share of the debt. That said,
if a prenuptial agreement is in place, this will dictate how debts and
assets are to be divided.
When a Spouse Will Not Pay
Unfortunately, people do not or cannot pay the debts assigned to them in
a divorce settlement. This can cause creditors to come after the other
spouse responsible for the debt. If this happens to you, you can petition
the court to enforce the divorce agreement, which will require your ex-spouse
to appear in court and explain why he or she is ignoring the order. He
or she might also face jail time or fines. If possible, and if you can
afford to, always pay the debt and keep proof of the payment.
If possible, it is sometimes best for spouses to clear debt before going
through with the divorce process to simplify the situation and have a
clearer picture of your financial situation. The less complex your divorce
is, the more smoothly the process can go, saving you both time, money,
and unnecessary stress.
Birmingham Divorce Attorney
Choosing to move forward with a divorce can be an emotional and overwhelming
experience. At the Gossman Law Firm, LLC, we understand what you are going
through and are committed to providing the support you need while navigating
what can sometimes become a complicated and difficult process. Our Birmingham
divorce attorney will guide you through each step of your case and treat
you with the compassion and respect you deserve.
With our level of commitment to our clients, you can be certain you will
receive the personalized attention and support you need to get through this.
Contact our office today at (205) 402-8808 to schedule a free consultation
with a knowledgeable member of our legal team.