What Happens To Your Debts After A Divorce?
Posted by Christina Semaan || 11-Oct-2017 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 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.