How Debt Is Divided In Divorce
Increasingly, couples pursuing divorce have as much or more debt than assets. Financial troubles may have contributed to the demise of the marriage. During the divorce process, just as the couple’s property must be divided, so, too, responsibility for their debts must be allocated.
For some couples, both parties may end up sharing roughly equal responsibility for the debt. In other cases, one party may have been at fault in taking out inordinate amounts of unnecessary debt. In either scenario, the allocation of debt can have a significant impact on both parties’ financial future.
Don’t Get Saddled With Debt You Don’t Deserve
At Marvin Law Office, L.L.C., in Anoka County, our attorney handles debt division matters with a high degree of knowledge and experience. Lawyer Joseph E. Marvin has been a strong advocate for the rights of family law clients for more than 30 years. He understands how to navigate complex legal hurdles in an efficient and cost-effective manner.
How Debts Are Divided
Debts are often divided pursuant to the same considerations that influence property division. Courts will examine a variety of case-specific factors to decide upon a fair division of the spouses’ debts. These same considerations also sway settlement negotiations.
The ultimate outcome also depends on the type of debt. For example, student loans are often the sole responsibility of the person who took them out, though not always. At Marvin Law Office, L.L.C., our attorney has handled divorce cases involving diverse types of debt such as:
- Credit card debt
- Car loans
- Second or third mortgages
- Medical bills
- Personal loans
- Student loans
When you turn to our firm for guidance, you can expect realistic and practical counsel. We will let you know what to expect upfront and equip you with the knowledge you need to make wise decisions. You can rely on us for dedicated advocacy, both in the courtroom and in settlement discussions.
Contact Our Office To Discuss Your Debt Division Options
To learn more about debt division in divorce, contact us. Our office is conveniently located in downtown Anoka, Minnesota. We represent clients throughout the county, including Andover, Blaine, Lino Lakes and Circle Pines.