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How the family court segregates debts during divorce judgment

When you’re still the part of a blissful happy marriage, debts may not seem frightening to you at all but the situation takes a different turn when you decide to split. Obviously confusion may arise regarding who should pay off how much debt. The division of assets may also increase the confusion. In such a circumstance, the family court will evaluate the situation and give a judgment by splitting the debts and assets among the spouses.

How family court treats the bills and assets during divorce?

The family court generally divides the property along with debts and other essential bills when people file for divorce. So before the court starts with its assessment, you must get a clear picture of your financial standing. Check your bank statements and other financial dealing details to learn exactly how much you owe and what’s your spouse’ share.

During the divorce judgment the family court will divide the assets and debts. The court will decide which party will get what share of debts and assets. The division is done after complete and minute assessment of the financial responsibilities of both parties. The family generally divides the debts and properties equally. However, sometimes it becomes difficult to maintain the equality. In that case, the spouse who gets more property gets the largest share of debts too. This somehow balances the finances of both parties and reduces the confusion.

What happens when your spouse fails to pay off debts?

Often people fail to continue their debt payments due to poor financial condition. In that case the creditors may pester the spouse who was equally accountable for the debt at the initial stage. This may seem unjust, but basically this protects the rights of the creditors.

If you’re facing any unfortunate situation like this, then you may present a petition to the family court to implement the divorce agreement. Your spouse will have to appear in the family court in order to explain the whole situation.

You may even pay off the debts your spouse has failed to. After that, you need to inform the family court about the payment you made and ask assistance to get compensation from your spouse. Of course you must provide valid proof of your payments to the court.

What is the best way to remain legally and financially safe while filing for divorce?

Debt definitely is a grave issue which not only ruins your finances but also harms your marriage. The family court may take time to solve the issues regarding debts and this may delay the legal process of divorce. So obviously it’s obviously better to steer clear of debts before you file for divorce. Assess the debts actually incurred by you and get rid of them as soon as possible. You may try debt relief options like debt consolidation. Also you must be sure about your share of assets so that you may dispute discrepancies during the divorce judgment. This will fasten the legal procedure and you’ll get fair judgment.

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