Debt, Property, and Divorce

The fantastic company of Southwest Airlines used to have commercials that stated “wanna get away”. There are many people who are in a divorce or about to enter one who have this sentiment. Unfortunately, you cannot really get away until this is over with. On top of this, even if you could, it is hard to have fun anywhere you go to knowing that something serious is just brewing back home and not going away.

On top of this, if you do not handle your divorce properly, you never get away! You need to handle your business before you get away and relax!

Most divorcing couples are so preoccupied with property division and child custody that they seldom pay any heed to a very important aspect of divorce i.e. debt division. Divorce lawyers in Louisville, KY are of the opinion that the most conducive solution to this problem is to settle the debt before filing the petition for divorce.  However, settling all outstanding bills are often not possible and the courts therefore allocate debts among the couple in case of any dispute on property and debt division in a divorce.

Common Law Property States

This means that a debt taken by a spouse remains his/her responsibility alone after the divorce. In other words it will be the responsibility of that spouse only to pay the debt. Divorce attorneys in Louisville point out that there are exceptions. If there are outstanding grocery bills, unpaid children’s tuition fees, utility, and housing bills then these debts are likely to be divided among the couple as these are understandably a joint responsibility.

It is critical to note that in states that have adopted common-law the judges have the power to divide debt during divorce. There are certain factors that are taken into consideration. What if a spouse has been using the other’s credit card without their knowledge?

This means that he/she has clearly benefitted more. Therefore the holder of the card is not responsible for the debt alone. Other considerations in debt division are the financial condition of both the spouses during the marriage and after the separation and length of the marital relationship and Louisville, KY divorce lawyers know all about this.

You were happily in love once. Now your marriage has spiraled out of control and you cannot believe you ever married that person. But you did! And now you are facing a legal battle with scales and fangs. You need legal help, you need to click right here: Divorce.USAttorneys.com. Do you think Captain America’s shield is strong? Once you use this website and obtain that legal help, your case will be as strong as his shield.  

Community Property Law States

There are nine states that are community property law states. In these states debts incurred by either spouse during the span of their marriage considered as jointly held and all the debts are likely to be divided among the spouses. However, legal experts assert that debts incurred before marriage will remain the responsibility of the respective spouses who had taken the debt.

What happens to debt division when it involves couples in same sex marriages, civil unions, and domestic partnership?

In many states civil unions, same sex marriages, and partnerships are legally allowed. In these states the same laws are applied if the states consider these arrangements equivalent to regular marriages. Remember that in some states, even though these types of unions are allowed, they are not equivalent to marriages for moral, obvious, and historically proven reasons.

Properties can be Seized to pay Debts

Creditors are allowed to seize property of both the spouses in community law states as the debts are jointly held. In common law states creditors can seize properties of both the spouses if the debt is incurred to bear family necessities. If a debt is taken by a single spouse then it does not give the creditor the right to go after both spouses for their possessions.

If you are gearing up for divorce and have issues with division of property and debt, it would be prudent to seek help from a divorce lawyer in Louisville and you should put some pep in your step in regards to this. This is the best way to make sure your rights are protected and that you receive a fair settlement. Now you can get away, using Southwest or not!