If you are planning a divorce, you should expect all aspects of your life to change. The main disruptions are your property rights and ability to keep control of your assets or liabilities. In Washington, all marital property is divided equally between spouses.
Although you have probably thought about how your shared property will be divided, you may not have considered how you will handle or split shared debts. A family court will want to set you and your spouse on equal financial footing for their future; however, it can be hard to understand the way your shared debt may change your situation. If you want to know how this debt may impact your family’s financial future, you should consult one of the best local family law attorneys. Your lawyer will work to come up with creative solutions to help you.
Kinds of Debt You May Need to Split During Divorce
Typically, married couples accumulate debts such as credit card debt, medical bills, student loans, personal loans, car loans, and mortgages. Even if only your spouse has her or his name on a loan, the court usually considers both spouses to be involved in such liabilities. The only exception is when the debt was accrued before the marriage.
Handling Debt Allocation During Divorce
Generally, the law presumes that spouses equally own the property they accumulate during their marriage. In such a case, the court will take into account different factors when making this decision, including the length of the marriage, the conduct of each spouse during the marriage, their ability to earn income after the divorce, and the amount of spousal support that may be ordered. Although it can be hard to determine how much debt you are responsible for, your attorney will put you in a better position to move on with your life once the divorce process is over.
Because the law allocates debt equally between you and your spouse, you may have to take responsibility for some of the debts accumulated during your marriage. Whether it will be credit card debts, mortgages, car payments, or other debts, you need an attorney to help protect your rights and interests. The best attorney to work with will help you reduce the debt you may walk away with. Your compassionate family attorney will help you prepare for your future, so you move forward with success despite the debt you need to deal with.