Skip to content
Divorcing in Texas involves more than just emotional adjustments and legal paperwork. Couples must address three major issues: dissolving the marriage, determining child custody and visitation (if children are involved), and dividing marital assets and debts. Among these, dividing marital debt in divorce can have a substantial and lasting impact on both parties’ financial futures.
Without expert guidance, handling marital debt can be complex, as it requires careful consideration of who is responsible for what debts and how those debts will be allocated fairly. Understanding the nuances of marital debt in divorce is essential for securing a fair and equitable outcome.
Creditors Aren’t Bound by Divorce Decrees
Remember that creditors aren’t restricted by divorce decrees. For example, when both spouses have used their credit for a home loan, creditors may pursue either spouse for missed payments. This pursuit can occur regardless of the debt assignment in the divorce decree.
This situation can lead to both ex-spouses suffering credit damage if the responsible party fails to make payments. As a result, creditors might resort to measures like wage garnishment or placing liens on other properties to recover their debts.
Legal Remedies for Debt Issues
If an ex-spouse neglects their debt responsibility, the other party can seek legal action like a contempt or enforcement suit. But this doesn’t immediately resolve issues like aggressive creditor actions.
How Family Law Attorneys Can Help
Family law attorneys, like those at the Law Office of Bryan Fagan, PLLC, strategize debt allocation to protect their clients. They might assign debts to the spouse they originally belong to, minimizing future risks for the other party. In cases like home loans, they can arrange for one spouse to refinance, freeing the other from further obligations.
The Law Office of Bryan Fagan, PLLC specializes in handling marital debt concerns in divorce cases. Offering free consultations, their licensed Texas attorneys are ready to advocate for those worried about marital debt in their divorce.
Final Thoughts
In conclusion, effectively addressing marital debt in divorce proceedings is essential for a fair division of financial responsibilities. How debts are allocated can significantly affect both parties’ immediate financial health and long-term stability. Ensuring a clear understanding of the debts involved and managing them properly is crucial to reaching a balanced divorce settlement. By working with an experienced attorney, you can navigate the complexities of marital debt in divorce, protect your financial future, and achieve a fair resolution.
![Adobe Stock 62844981[2]](/?seraph_accel_gi=wp-content%2Fuploads%2F2023%2F09%2FAdobeStock_628449812.jpeg&n=a3PK2HcKcL5sbjTfQ34Iw)
If you want to know more about what you can do, CLICK the button below to get your FREE E-book: “16 Steps to Help You Plan & Prepare for Your Texas Divorce”
![Divorce Wasting Assets[4]](/?seraph_accel_gi=wp-content%2Fuploads%2F2023%2F09%2FDivorce-wasting-assets4.jpeg&n=0TAaIlPpzb4QWRK62HCR4g)
If you want to know more about how to prepare, CLICK the button below to get your FREE E-book: “13 Dirty Tricks to Watch Out For in Your Texas Divorce, and How to Counter Them” Today!”
Other Articles you may be interested in:
- Dividing Your Property and Debt in a Divorce
- Dealing with Non-Payment of Marital Debt by Your Ex-Husband
- When debts become marital property
- Dividing Property in a Texas Divorce – The Just and Right Division
- Why is Separate Property Important and How to Keep it Separate in a Texas Divorce?
- What Wikipedia Can’t Tell you About Texas Divorce and Marital Property Division
- Texas Divorce Property Division Enforcement
- Separate Property in a Texas Divorce?
- Does it Matter Whose Name is on Title or Deed of Property in a Divorce in Texas?
- First comes divorce and then comes bankruptcy: What to expect when one follows the other
