Columbus Debt Allocation Attorneys
How Is Debt Divided During Divorce?
In the typical divorce case, especially those involving significant marital property, the division of assets is one of the most hotly contested issues. Few of our clients initially realize that the allocation of marital debts may be equally as important as other aspects of a divorce and can have an enormous impact on both parties.
We keep this fact in mind as we analyze our cases to determine the original purpose of the debt and any assets with which the debt may be associated. After a full and detailed investigation, an experienced attorney will work hard to ensure that the debt allocation process proceeds smoothly and fairly.
Separate or premarital debt may also be at issue in some cases. Depending upon the nature and purpose of marital debt, the court may decide to allocate certain debt to one party only. In addition, one party may be allocated more debt than the other because of the distribution of assets or property settlement in a divorce.
Things to Know About Debt Allocation
Confusion over the nature of debt allocation in a divorce can be a serious problem. Some of our clients have been afraid to use credit cards to pay for necessary expenses during a divorce for fear of starting their new life with more debt than they can afford. These expenses are ones which may be considered to be marital debts or may be allocated to one spouse – depending on the situation and facts of each case, as well as the jurisdiction in which a case is filed.
There are other issues regarding the use of credit cards during a divorce. For example, large cash advances with no documentation as to how the funds were spent are much more likely to result in dispute during debt allocation. Great care needs to be taken in these cases, which is one reason why the knowledgeable advice of an attorney is invaluable.
If you have questions or concerns about debt allocation in divorce, contact an experienced and cost-effective debt allocation attorney at our Central Ohio offices today for a straightforward discussion of your current legal and financial position.
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