There is such a thing as “debt do us part.” When divorce seems like an inevitable turn in a marriage, a Jacksonville family law firm may get involved to help the opposing parties go their separate ways. During these proceedings, there may be some arbitration about who gets what. While many people think “assets” in the wake of a separation, it is also important to determine who has to take responsibility for the various debts, too.
Debt is everywhere: it’s in home mortgages, credit card bills, and much more. In terms of a divorce, the courts will have to decide which debts each party will have to pay. While dividing property and money, the judge may decide who must take on certain bills. Most of the time, the courts will try to divvy up the debts evenly. However, as a generalization, the more assets a person gets, the more debt they will have to take on. Prenuptial agreements may also play a factor.
While it is never a comfortable prospect to think about where debt goes in a divorce, it is also a critical component of ensuring both parties are able to go their separate ways as fairly as possible. Working with a family law firm can help couples work on a settlement that includes the assignment of debts.