How Will Debt Be Divided During My Divorce?
Do You Know How The Court Will Determine What To Do?
Determining how to divide assets during a divorce often becomes a contentious affair, especially in Florida where the shared property isn’t divided equally down the middle. This process may become even more contentious when you begin to factor in your and your spouse’s debts, especially since some of the arguments will revolve around determining what percentage can be considered shared property. Depending on the size of you and your spouse’s debts, this process could become increasingly complicated. An experienced family law lawyer can help you navigate this process in order to secure the most beneficial outcome.
Our Tampa family law lawyers at Givens Givens Sparks have spent decades providing the passionate and knowledgeable legal assistance families and individuals require in order to secure the outcome they need to move on to the next phase of their lives. Without the proper guidance, you could easily find yourself in a difficult position when working to determine how your assets should and will be divided, and it’s our job to ensure that you aren’t taken advantage of by your soon to be ex-spouse or the courts. Contact us today to discuss your case with a member of our firm.
What Should I Do To Prepare?
Just like any other assets considered during the divorce process, a key aspect to pay close attention to is whether or not it exclusively belongs to either you or your spouse and whose name is connected to the debt. Even if either you or your spouse agrees to shoulder the other’s financial burden, the company that is owed money isn’t likely to pay close attention to those agreements made in the courtroom. As long as it is your name on the financial agreement, you are likely to be responsible for any interest, fees and / or penalties.
It may be in your best interest to completely pay off your debts before signing the final divorce agreement. Not only will this help you avoid any financial complications from missing a payment, selling off real estate like your marital home could limit or even prevent arguments about who ends up where. Another option is to sign up for a new credit card and transfer your existing balance to the new account in order to ensure that everything is under the correct name. No matter the direction you choose to take, hiring an experienced family law attorney will help make sure you take the necessary actions to avoid any future complications.
Give us a call at (813) 375-0109 to speak with one of our Tampa family law attorneys today.
Hire Experienced Legal Representation Today
Divorce is a complicated and often contentious process, and it’s important to have someone in your corner whom you can trust. At Givens Givens Sparks, our Tampa family law attorneys have helped hundreds of families and individuals secure the outcome they need to move on from this difficult time in the best possible situation, and we’re committed to helping every new client achieve the same outcome. If you are interested in speaking with a member of our firm, give us a call at (813) 375-0109 or fill out our online form to start out with a case evaluation.