Fort Lauderdale Division of Debts Lawyers
In addition to determining which assets will be divided when a couple gets divorced, married couples may also have to determine how their debts will be divided. This is often a great point of contention, as neither spouse wants to be left with excessive debt after getting divorced.
This process must be handled carefully because the division of debts agreed to or ordered in a divorce is only effective between the parties to a divorce not third-party creditors. For example, you may agree that your spouse will be responsible to pay off a particular credit card obligation, but the credit card company may still be able to pursue your income and assets if your spouse fails to pay the debt as agreed. Many times parties to a divorce do not obtain sound legal advice from experienced Fort Lauderdale division of debts lawyers and give up valuable property interests for the unfulfilled promise by one’s spouse that a particular debt will be paid. If you are thinking of getting a divorce, you should learn more about how to effectively divide and assign debt during a divorce. Please contact the Fort Lauderdale division of debts lawyers of Eric N. Klein & Associates, P.A. at 954-580-8080 for the dedicated legal help you deserve.
Which Debts Are Divided?
In most cases, only debts incurred during marriage is divided. This means that debts incurred before being married will typically be retained by the spouse who incurred the debt. Debts acquired during marriage in only one spouse’s name and without the benefit of the other spouse’s participation, benefit, knowledge or credit history will usually be assigned to the spouse who incurred the debt. Further, creditors will have difficulty recovering for such a debt against a spouse that had no involvement in obtaining the debt. Some common types of financial obligations routinely handled in a Fort Lauderdale division of debts includes the following:
- Car loans
- Credit cards involving co-applicants
- Loans obtained by both spouses
- Medical bills
- Mortgage payment deficiencies
- Unpaid tax obligations incurred during the marriage
- Unpaid utility bills
- Joint debts
Student loans are usually assigned to the spouse who benefited from the financial aid and remains assigned solely to that spouse regardless of when the debt was incurred. Individuals who have questions about how debts will be divided when they are divorced should discuss their concerns with a Fort Lauderdale division of debts lawyer.
The Fort Lauderdale division of debts attorneys of Eric N. Klein & Associates, P.A. may be able to help you determine what debts you can expect to be left with when you get divorced so contact us today at 954-580-8080 for more information.
Our experienced and dedicated division of debts lawyers provide legal representation in Fort Lauderdale and throughout Broward County as well as Coconut Creek, Coral Springs, Davie, Deerfield Beach, Hollywood, Lauderdale, Margate, Miramar, North Lauderdale, Oakland Park, Pembroke Pines, Plantation, Pompano Beach, Sunrise, Weston and all surrounding areas including smaller incorporated and unincorporated areas.