Divorce Attorneys Helping People in Dallas, Rockwall and Collin County with Debt in Divorce

Divorce is a difficult and emotionally challenging process, and one of the many issues that arise during a divorce is how to handle the division of debt. At The Blacknall Firm, we understand the complexities of debt and divorce and can help you navigate this difficult process.

What Is Marital Debt?

Marital debt is any debt that was incurred during the course of a marriage. This can include credit card debt, mortgages, car loans, student loans, and other types of debt. In many states, marital debt is considered to be joint debt, regardless of whose name is on the account or loan.

How Is Marital Debt Divided?

In a divorce, marital debt is typically divided between the parties as part of the property division process. Property division involves dividing all assets and debts acquired during the marriage, including marital debt.

There are different ways to divide marital debt, depending on the specific circumstances of the divorce. Some of these include:

1. Negotiation: The parties can negotiate a settlement agreement that outlines how marital debt will be divided.
2. Mediation: A mediator can help the parties come to an agreement on how to divide marital debt.
3. Litigation: If the parties are unable to reach an agreement on how to divide marital debt, the court will decide how to divide it.

It is important to work with an experienced family law attorney to ensure that your legal rights and financial interests are protected during the property division process.

How Can You Protect Your Financial Interests?

Divorce can be a financially challenging time, and it is important to take steps to protect your financial interests. Some of these steps include:

1. Reviewing Your Credit Report: Review your credit report to ensure that all joint debts are accounted for and that there are no surprises.
2. Closing Joint Accounts: Close any joint credit card or bank accounts to prevent further joint debt from accruing.
3. Seeking Legal Advice: Work with an experienced family law attorney who can help you protect your financial interests during the divorce process.

Contact The Blacknall Firm for Help with Debt and Divorce

Divorce is a complex and challenging process, and debt division can add to the stress and complexity of the situation. At The Blacknall Firm, our experienced family law attorneys can help you navigate this difficult process and protect your financial interests.

We understand the sensitive nature of divorce and debt issues and will provide you with compassionate and personalized legal representation. Contact us today to schedule a consultation and learn more about how we can help you protect your financial interests during a divorce.