One of the biggest issues couples going through a divorce have to decide is that of “who gets what”. From the family home to the dog, assets must be divided fairly. It’s not just about assets, however. You also need to talk to your divorce attorney about splitting up debts.
3 Debts to Discuss With Your Divorce Attorney
1. Auto Loan
One common type of debt divorcing couples must deal with is an auto loan. These debts are a bit more complicated because the loan is typically in both names. Decide who will keep the car and ask the lien holder if they could refinance the vehicle solely to this person. Even if your divorce is friendly, take the time to carefully divide debts. Say your spouse keeps the car and is responsible for paying the loan after your split, for instance. If your name is still on that paperwork and they default on payments, you could be held liable.
2. Credit Cards
If you have a credit card in your name only, your spouse won’t be responsible for paying this off — and vice versa. If you have joint credit cards, however, you may both be responsible for its future payments, even if one person alone is currently making them.
When it comes to a mortgage, a divorce attorney will likely advise you to sell the house and divide the money evenly. This isn’t always possible, however. For instance, if you have kids and don’t want to uproot them from the home, one spouse can buy out the other. If both parties agree to this arrangement, you can contact the mortgage company to remove the other person’s name from the loan agreement, or refinance the mortgage so it only reflects one party’s name.
For more than 16 years, Kevin R. Bryant Attorney at Law has been helping couples throughout Crossville, TN, navigate the divorce process, including the complicated financial aspects. With a compassionate yet business-like approach, this divorce attorney will give you honest answers to your questions and explain legal terminology clearly. He also covers other practice areas, from DUI to criminal law. Find out more about his credentials online, or call (931) 787-1004 to schedule your appointment today