Are you and your spouse on the same page with regard to divorce? Do you agree that this is the best way to move forward?
Even if you hope to put this process in the past without any additional stress or arguments, it’s hard to say what the future holds. This is particularly true when it comes to matters of property and debt division.
It’s easy to get so caught up in property division, such as who will get the family home, that you overlook the debt that you have incurred as a couple. This will also be divided in the divorce process, so make sure you keep this in mind as you move forward.
Family debt includes all of the debt that you and your spouse took on during the marriage, including but not limited to:
— Credit cards
— Personal loans
— Home equity lines of credit
— Income tax
— Home repair costs
Along with the above, remember this: family debt can also include debt incurred after separation if it was used to care for family property.
With both spouses responsible for family debt, this is sure to be a sticking point during the divorce process.
At our law firm, we know that property and debt division can make a divorce worse than what it already is. This is why we take great pride in providing our clients with top-notch advice and guidance during this difficult time. When you know what to expect in regards to family debt, it’s easier to plan for the future.