In Texas, assets and property that are accumulated by a couple throughout the course of their marriage are considered community property as well as community debt. This means that upon divorce, all assets and property are typically divided equally between the parties. Many individuals do not realize that this division also applies to marital debts.
If you are considering divorce or have already filed and need guidance on marital debt division, you need our team. Our unique financial and family law firm is dedicated to providing clients throughout North Texas with debt division representation that is tailored to meet their needs and goals. We take the time to explain the division process and provide a realistic view of the probable resolutions to the case. You can depend on our knowledge and our candid advice.
What Happens To Marital Debts In Divorce?
When marital debts are divided, the courts can take in consideration various scenarios. For example:
- If one party incurred vastly more debt than the other, then it may be possible to have him or her be solely responsible or more responsible for that debt.
- Also, documentation can be provided to show that debts were either incurred before the marriage or after the date of separation.
What Should You Do Now?
Contact us today to schedule a free initial consultation so you can get the protection you need. Call us at 972-608-0335.