While most divorcing couples consider asset division very important, the issue of debt division should not be overlooked too. This is because poor debt division may leave you in a worse financial situation than you started with. Here are three things you should know concerning debt division during divorce.
Community or Equitable Distribution Laws Apply
In community property states, the debts you incurred during your marriage will be treated as community debts.
If you are going through a divorce, you have probably already learned that it is expensive. There are so many different costs associated with divorce, and many people feel as though they can't afford to divorce as they would like because of the money. If you can prepare yourself ahead of time for the divorce and its costs, then you are more likely to have flexibility with the process because you are not restrained by money.
In the United States, you are considered innocent until you are found guilty. But if you are the suspect in a crime or being investigated for a crime, you may not feel like they think you are innocent at all. If you know you are the suspect in a crime or are being investigated for a crime, you have the right to hire a criminal defense attorney even if you have not yet been charged with a crime.
While deciding ahead of time is always better, in some cases you and your spouse may be at odds over the division of your debts and your property. You should understand that if you allow the family courts to make the big decisions about these two issues, the state of your residence will influence how things turn out. Most states follow the equitable distribution rules about the division of debt and property, but some follow community property rules.
A divorce attorney is the most important resource that you can have on your side if you are planning on ending your marriage, mostly due to the fact that they can help you during the divorce process and afterward. Listed below are two reasons to hire one during this difficult time.
Make Your Divorce As Stress-Free As Possible
The most difficult part about going through a divorce is the fact that can be extremely stressful, especially if you and your ex are not on very friendly terms.