The Process of Debt Division
In a process similar to the division of property, a divorcing couple will also need to come to an agreement concerning how their debt will be divided following their eventual divorce. The future implications of this agreement upon each partner’s respective finances can make the debt division process highly contentious. While it is not necessary for a lawyer to be involved in this process, it is highly advisable since an experienced lawyer will be able to help you both protect your interests and speed the process along.
Dividing Debt in a Divorce
While most debts that a couple has taken on during the course of their marriage will likely be divided equally, some debts may be more disproportionately assumed by a single partner, including:
- Debt incurred prior to the marriage
- Debt that was independently accrued during the course of a marriage
- Debt that was previously assigned to a single partner
Additionally, if one partner earns a significantly higher income than the other partner, that disparity will likely be reflected through the process of debt division.
Consult with a Houston Divorce Lawyer
At Holmes, Diggs & Sadler, our Houston divorce lawyers understand just how sensitive the debt division process can be for divorcing couples; we’ll do everything we possibly can to both expedite the process and to help you protect your financial interests. To discuss the particulars of your situation with one of our Houston divorce lawyers, please call our Houston offices at (713) 802-1777 today.