Colleyville Division of Debts Attorney
Just as marital assets are divided in a divorce, marital debt is distributed to each spouse according to the circumstances of the debt and the laws of the state. In order to divide debt among spouses, the court must determine what debt there is, whether it belongs to both spouses, and how to divide it properly between the two. It can be a complicated process, but with the help of a skilled attorney, you can avoid having your rights and interests inadequately represented.
The Colleyville division of debt attorneys of Alexander & Associates are passionately committed to helping each of our clients to limit the wrongful assignment of liability for outstanding debts. If you are going through a divorce, do not hesitate to contact our offices at 817-756-4040.
Classifying and Dividing Debt
The first thing a court must do in order to divide debt is to determine whether debt is present. Just as it is illegal to hide assets, it is impermissible to manufacture false debt. For example, if someone claims that they were loaned money as a couple and it needs to be repaid, but they are unable to produce documentation of the loan and a plan to pay it back, it will not be considered marital debt.
Next a court must establish whether the debt is a legitimate marital debt. Gambling debts, failed businesses that were not operated in good faith, and unreasonable investments are all debts which will most likely be attributed only to the spouse who incurred them.
Finally, the court will have to make a determination on how legitimate marital debts will be divided once they have been evaluated. This process can be very complicated, and the court will consider a variety of factors in order to make a decision on how much debt will be allocated to each spouse.
If you are going through a divorce, do not allow your spouse to attempt to push all debt liability onto you. Contact the Colleyville division of debt lawyers of Alexander & Associates by calling 817-756-4040 today.