In today’s day and age, Americans all over the country find themselves shackled with debt. As you know, owing debt is a stressful situation, and going through a divorce can only complicate financial matters further. This is why if you are a spouse with debt, you are probably now researching whether you will have to pay off all this debt on your own. Please continue reading and speak with our experienced Bergen County family law attorneys to learn more about debt and divorce and how our firm can help you through the divorce process ahead. Here are some of the questions you may have regarding debt and divorce:
What are some of the most common debts that divorcing spouses are concerned about?
There are various debts that may come into play in a divorce. For example, oftentimes, divorcing spouses have credit card debt that needs paying off. In other cases, spouses have a significant amount of student loans that need paying off, which a divorce can make more challenging. Furthermore, car loans, mortgage payments, and more may all need paying off, and if you are a divorcing spouse, you are most likely very concerned about how these debts will be paid.
How are debts divided in a divorce?
In most cases, when a couple divorces, their assets will go through the equitable distribution process, wherein the court will assign value to each of their assets, and from there, they will determine a fair and just distribution of those assets. In most cases, equitable does not mean equal. That being said, generally speaking, when couples have debt, courts will have to determine which party is responsible for paying off that debt. In most cases, debt will also be divided equitably, however, if you are a spouse with a significant amount of debt, it is critical that you retain the services of a knowledgeable New Jersey family law attorney who can work to ensure that your debt is distributed appropriately so that you can remain in fair financial standing even after your divorce is finalized. Our firm is ready to help you through every step of the legal process ahead–all you have to do is pick up the phone and give us a call today.
Contact our experienced Bergen County firm
At Townsend, Tomaio & Newmark, our attorneys have extensive experience helping clients to understand and protect their legal rights before, during, and after the divorce process in towns across New Jersey and Bergen County, including Hackensack, Ridgewood, Paramus, Teaneck, and Fort Lee. To speak with our team of divorce lawyers today in a free and confidential consultation regarding your concerns about your divorce, please contact us online, or through our Hackensack, NJ office at (201) 397-1750.