Division of Debt in a Divorce
A central aspect of divorce is the division of assets the divorcing couple holds. Similarly, any debt that the divorcing couple holds will need to also be divided. While some couples may collaborate and achieve an agreement as to how divide their debt without the services of a lawyer, many others find the advice of an experienced family lawyer to be invaluable.
Understanding Division of Debt in Divorce
Over the course of most marriages, a couple will take on debt together in order to purchase a home, for example. Such debts are shared, then, by the couple and will be likely be divided evenly during a divorce. However, there are some circumstances where debts often will not be shared after a divorce including:
- When debts are considered to be independently accrued
- When there is great disparity between independent incomes
- When there has been a prior agreement to the division of debt
In some situations, the discrete legal advice an experienced family lawyer can provide can be critical to ensuring debt is fairly divided among the couple following a divorce. Moreover, a skilled family lawyer may be beneficial to individuals pursuing any type of divorce, even with the simplest of uncontested divorces.
Contact a Woodlands Division of Debt Divorce Lawyer Today
At BB Law Group PLLC, our Woodlands legal team understands how delicate divorces can be for the divorcing couple and their family, and we work hard to help our clients secure their future financial independence. To speak with one of our lawyers today, please call (832) 534-2589.