Debt is just about as American as baseball and apple pie. When you think about the number of American couples who owe a tremendous amount of debt, the number is truly amazing. They have a mortgage on their home, a loan on their car, and they use credit cards to cover real emergencies and even luxury purchases. The debt might not seem like a big deal when you are living happily ever after, but what happens when the marriage starts going downhill? Who is going to get stuck paying the bills?
The Bills and Family Court
When people make the decision to file for divorce, often, the first thought is about the assets that they have acquired together in the marriage. Debts are equally important because they play a key role in determining the net worth of the couple. Take a look at all of the bills and financial statements to form an accurate picture of what your economic position is. Both of the spouses should be able to access the information for the family, as well as be involved in any important money matters.
As part of the overall divorce judgment, the court is going to divide the assets and debts of the couple. The court is also going to indicate who is responsible for paying which debts while the money and property is divided. Most of the time, the court will try to divide everything up evenly, but the assets and debts can be used to balance each other out. For example, the spouse who is going to get more of the property will also get more of the debt.
You have to remember that the laws aren’t the same in every state, which is why you need a men only divorce attorney in Ft. Walton or at one of our other locations who can help walk you through the process. Some states are going to consider the debts and assets that either party brought into the marriage. If community property rules exist, everything is equally owned. You also have to keep in mind that all of this can change if there was a prenuptial agreement in place beforehand. If so, the settlement is going to be significantly different. Don’t try to figure it out on your own. Let a men only divorce Ft. Walton lawyer step in and help you decipher what’s going on.
Kenny Leigh and Associates is a men only family law firm with six locations serving all of North and South Florida: Jacksonville, Fleming Island, Daytona, Gainesville, Fort Walton Beach, and Boca Raton.
What Happens When the Other Spouse Doesn’t Pay?
There are times when people don’t or can’t pay their debts that they were assigned as part of the divorce settlement. In these situations, creditors will come after the spouse who is responsible for that debt, regardless of the fact that both parties were originally responsible.
The best thing for you to do when the other party isn’t paying the debt is to file a petition with the court and ask them to enforce the agreement. The spouse will have to appear in court and explain why they aren’t doing what they were ordered to do. They can be punished with jail time or fines. A men only divorce lawyer in Ft. Walton or at one of our other five locations can go over all of this with you and answer any questions you might have.
If you are able to, pay the debt and make sure you have records documenting your payment. Then, let the court know and ask them to help in reimbursing you from your ex.
Will it End with a Bankruptcy Proceeding?
At times, the financial strain of a bankruptcy is more than the couple can handle so they separate. On the other hand, sometimes the result of the divorce settlement is that one or both of the parties aren’t able to handle paying the debt, so they file for bankruptcy.
The most important thing to note is that filing for bankruptcy isn’t going to stop the payments for alimony or child support. Bankruptcy court keeps the creditors at bay, but family support is going to remain a top priority in a bankruptcy judgment.
The best thing you can do is to speak with a men only divorce attorney in Ft. Walton and ask them what you can do to help simplify the process and make things as painless as possible in terms of divorce. Kenny Leigh and Associates is a men only family law firm with six locations serving all of North and South Florida: Jacksonville, Fleming Island, Daytona, Gainesville, Fort Walton Beach, and Boca Raton.