There are few things more complicated than divorce. Unfortunately, divorce is often financially complicated on top of being legally and emotionally complicated. Many divorcing spouses are in debt, as millions of Americans currently find themselves in debt. If you are someone who is in debt and you are going through the divorce process, you are most likely now wondering what will happen with that debt. Please continue reading and speak with our experienced New Jersey divorce attorneys to learn more about debt, divorce, and how our firm can help you through every step of the way. Here are some of the questions you may have:
What are the most common types of debt to be divided in a divorce?
There are various debts that spouses often accumulate over the course of their marriage. For example, many Americans have significant student loans that they need to pay off. In other cases, spouses may have a substantial amount of credit card debt. Additionally, many spouses also have car loans, mortgages, and more. All of these debts can become quite worrisome when spouses divorce, which is why many spouses wonder what will happen with those debts after a divorce.
How is debt divided in a New Jersey divorce?
When spouses cannot agree on who gets which assets and how those assets will be divided, they will most likely enter the equitable distribution process, wherein a judge will determine what he or she believes is a fair and just distribution of assets. In many cases, judges will also divide debt between spouses in a divorce, just as they would divide assets, regardless of who incurred the debt.
What will courts consider when dividing debt?
Courts will consider many different factors when determining who will get which assets, and who will have to pay off certain debts. They will, for example, determine how much you and your spouse make on a yearly basis, which spouse was financially dependent over the course of the marriage, which spouse incurred the debt, and more. This is why you must retain the services of a knowledgeable New Jersey divorce attorney who can work to achieve the most favorable outcome possible on your behalf so you can move on with your life in a comfortable financial situation. If you have any additional questions or you are ready to get started, please do not hesitate to give us a call today. We are here to help you.
CONTACT OUR EXPERIENCED NEW JERSEY FIRM
If you require strong legal representation for matters of divorce and family law in New Jersey, contact The Law Offices of Paone, Zaleski & Murphy to schedule a consultation with one of our experienced attorneys today.