February 19, 2019
Written on behalf of Daniel H. Chambers Attorney at Law, P .C.
Between a mortgage, car payments, and credit cards, it’s very common for American families to have debt. But if you and your spouse are considering divorce, your debt might complicate things.
The focus of many divorces is the division of assets. You already know that your possessions will be divided, but did you know that your debt will need to be divided as well?
If you and your spouse can’t reach an agreement together once the divorce becomes final, the court will divide your assets and debt. In the state of Alabama (which is an equitable distribution state), the division of debt is supposed to be done fairly. This means that both spouses will likely receive a portion to pay.
If one spouse is designated as responsible for a join debt, it doesn’t mean the other is immediately off the hook for it. Even if the court frees you from a certain debt that was in both your names, if your ex fails to pay, they will look to you for payment.
Until the debt that is in both spouses names is paid, each spouse will remain on the credit report of the other. Because of this, it’s best to get rid of all joint debt before the divorce is final.
Being divorced is hard. Starting that next chapter is easier when you’re in a good position financially. Some people in this position find it necessary to rebuild their credit. Paying down debt is one step in that direction.
The average divorcing individual is not aware of the details that need to be addressed to obtain a good settlement. An experienced divorce lawyer is. Accordingly, in most cases it is advisable for those who find themselves in this situation to seek assistance from a knowledgeable divorce lawyer.
This blog post should not be taken as official legal advice. If you need more information about divorce or child support payments, it’s best to speak with an experienced attorney, like Daniel H. Chambers, Attorney at Law, PC.
Mr. Chambers is a respected attorney in the Alabama legal community who takes pride in successfully negotiating favorable settlements for his clients because he never wants his clients to spend a dime more than necessary.
Mr. Chambers is also prepared to fight for you in the courtroom. He prepares every case as if it will head to trial because he wants to be ready to make the best possible arguments on your behalf at the negotiating table and in court.
We have used Daniel Chambers for legal services on several occasions since 2007 with excellent results. He has assisted our family in each matter with a professional yet tenacious manner. He has always been upfront about possible outcomes and honest about how to appropriately deal with challenging situations. I have recommended him several times over and will continue to do so. He has been an incredible asset to have on our legal team and we have always been satisfied with the results.
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