When Couples who Divorce have Debts to Pay, Contact Divorce Lawyer Las Vegas
When there is a divorce, you can expect that there will be a division of properties. Likewise, there is also a division of debts in the case where there is any. While division of properties and division of debts could have similarities, the latter is substantially more complicated.
What is usually done is to combine the values of both the property and debt and have the total divided between the parties involved. According to divorce lawyer Las Vegas, a couple who undergoes a divorce process, their cumulative property and their cumulative debt are combined and whatever value is left is be divided equally among them. However, one thing that should also be considered in this process is the capability of both parties to pay for the debt. This could be done in several ways but the bottom line is both will have their fair share of the properties and of the debt to pay for.
Who Should Actually Pays Debts In A Divorce?
However, in the case where one of the parties does not have the means or has limited income to pay for the debt, it will seem not fair to ask that party to pay as much and would just create a huge problem if that person fails to pay making the creditor come after the other party. Nevertheless, whether the debt is assigned to be paid by one of them, if this person fails to pay the debt, the creditor still has the right to come after the other party. Worse, if the debt is agreed to be shouldered by one party, and soon after this party declares bankruptcy, the other party will have no choice but to take the burden.
As to who pays debts in a divorce The best way to resolve this is by combining the values of the couple’s cumulative assets and use part of that money to pay off the debt. Whatever is left shall be divided equally among them. This way, no one has to worry about debts left unpaid.
Another thing to consider is when the couple has a child or children to think about. Whether the spouse has a good income or not, if there is a child or children to be supported as well as spousal support, this financial support must be deducted from the income before assigning how much of the debt should be shouldered by this party.