When a marriage comes apart and a divorce is the only way to move forward, things can get complicated quickly. Attempting to balance every aspect of a divorce may require a lot of effort on your part. Whether it is attempting to figure out what visitation schedule works best for everyone involved or how much child support you or your spouse may need, dealing with a divorce can be daunting. Dividing property between you and your spouse may also be complicated. While you may think property only means physical possessions, you are also dividing debt and other assets. It is rare for debts to be divided equally in a divorce due to the amount of separate property that can typically come up. Acquiring the services of an experienced property division lawyer can help you determine which debts you may be liable to pay.
What Happens To My Mortgage If I Am Awarded the House In a Divorce?
Dividing community property, or property that was obtained by each spouse during the marriage can be difficult to sort. However, it is possible to give up the rights to community property and make it the sole property of your spouse. When you give up your rights to community property, it means you may also be transferring any remaining payments on that property to the new sole owner of the property. In cases where a house is being divided in a divorce, if the house is not yet paid off, whoever gets possession of the house may also be required to continue to pay the mortgage without your other spouse’s help. A common way spouses in a divorce settle the division of a home and any debt associated with it is by selling the home and splitting the money gained from the sale. A division of family law attorney can help you sort through any community property and possible debt.
Is Credit Card Debt Split In a Divorce?
In many cases, credit cards can be under each individual’s name in marriage. For example, you may have opened a credit card solely under your name during your marriage. If your credit card is only under your name, you will be responsible for the debt of that credit card. However, some credit cards are jointly opened. In most cases, any remaining debt on those credit cards will be evenly split between both parties.
Can a Tarrant County Division of Property Attorney Help Divide My Debt Fairly?
Making sure you are only paying for what you need to pay for is critical when getting a divorce. Hardy Law Group, PLLC, and their team of lawyers can make sure your debt is properly distributed to all parties. You can contact Hardy Law Group, PLLC at (817) 222-0000for a free, no-hassle consultation.