The Role Of Debt In Divorce

Last updated on September 18, 2024

As they consider the possibility of marriage and what it will mean for their lives, many people do not realize that debt is considered marital property and will be included in the division of assets. Debt can play a critical role in property division, as well as in how it will affect the financial future of the couple.

At Platt Cole Russell & Simpson PLLC, our attorneys are experienced in the division of marital assets and debt. We provide clear explanations to all of your questions and create innovative solutions for such divisions.

For more information about the division of marital property and debt, please contact our law offices today for a consultation.

Solutions for Division of Marital Debt

The court will often use marital debt to balance out the division of assets. One spouse may be given more of the debt obligations to offset a substantial piece of property or asset. Our lawyers will evaluate your situation and provide you with a clear understanding of the options available to you. It is our priority to create solutions and innovative division strategies that are tailored to your needs and your financial future.

Bankruptcy and Divorce

In some cases, the debt is too significant to avoid bankruptcy. We will help you decide if it is more prudent to file for bankruptcy before the divorce, together as a couple or separately after the divorce has been finalized. Our firm is committed to helping you make the best possible decisions for yourself and your financial future.

Schedule your initial consultation to discuss the role debt will play in your divorce and how it can affect you following divorce. For more information, call our Melbourne, Florida, law offices.