Burbank Debt Division Attorney
Protecting Your Future Well-Being in Divorce
Just as all marital property is considered for an equitable distribution in a divorce, so are any debts that have been incurred during the marriage. These are all considered regardless of who incurred the debt, the name in which it was incurred, or whether it was for personal benefit or that of the marriage.
Equitable distribution, however, means assets and liabilities are to be distributed in a way which is just and fair. So while the manner in which the debts were incurred may not be taken into account, many other factors can affect how marital debts are divided between each party. A qualified divorce lawyer can assist you in preparing a strong case to assist in pursuit of a favorable split.
While there are many factors which may work in your favor regarding the division of debt, there are also certain issues which need to be provided for and skillfully addressed. For example, a creditor can demand payment of a joint debt from your share of the community property, even if this was assigned to the other party in divorce proceedings.
If the other party fails to pay a debt that is in both of your names but for which they have been assigned responsibility, this can affect your credit rating. These are just some examples of why your debt division must be addressed intelligently, as there are ways to protect against these situations if foresight is used.
Legal Expertise for Debt Division
At Fusco & Clarke, we will approach your case with thoroughness and care and do all we can in our endeavor to protect your financial situation. For example, it may be prudent to assume responsibility for paying certain debts in exchange for a greater share of the marital assets.
In this way, you can be left in just as healthy a financial position, while not being subject to the potentially destructive actions of the other party in relation to the joint debt. Many such factors can be considered and our firm can help with this complex process.