Lawrenceville Debt Division Lawyer
The Distribution of Marital Debts
Property division in a divorce includes both the division of assets as well as the distribution of any debts that were acquired during the marriage. Creditors are not constrained by divorce settlements, and will take action against the spouse legally responsible for a debt if it isn't paid. For this reason, it is often recommended that a divorcing couple pay off any joint debts. This eliminates your liability for the debt if your ex-spouse files for bankruptcy or doesn't pay what he or she owes. If you are intending to divorce, a Lawrenceville divorce attorney can counsel you on any actions that may need to be taken to minimize your legal and financial exposure. A divorce lawyer can also help you work out various divorce agreements with your spouse, including the distribution of your assets and debts.
Lawrenceville Divorce Lawyer Serving Gwinnett County
When both spouses are co-signers on a credit application or loan, they are equally responsible for the debt, even if their marriage ends in a divorce. This includes:
- Unsecured debt such as credit cards
- Debt secured by collateral
Each spouse will also be equally responsible for any unpaid taxes that resulted from a joint tax return. Determining how your debts will be distributed is an important part of your divorce settlement. We can help negotiate a debt division agreement, and resolve any other divorce-related financial issues. If your divorce is contested, we will represent you at your hearing and make sure your rights and interests are protected. Our firm is committed to providing attentive and responsive legal support, and will help you in any way that we can.
Contact a Lawrenceville debt division lawyer for seasoned legal advice and representation if you are planning to divorce.