In many divorces, deciding how to divide the debt and properties is a major concern. However, you can make it a painless one by communicating with each other clearly. Be transparent with your spouse when discussing this, as it helps you avoid unnecessary disputes. If you are unable to decide on how to divide the debts and asset management being aware of the process is necessary.
For the information related to debts and assets division, you must contact a divorce lawyer. Remember, it is only a divorce lawyer, who can provide you with proper information on debts and assets division. If you are in search of the best Connecticut divorce lawyer then choose the law firms like Broder Orland Murray & Demattie LLC. This law firm has the best divorce lawyers in Connecticut, and all of them try their level best to help their clients.
How are assets and debts divided?
Property Division
Outside Court Property Division
It is always better to avoid going to court for splitting the assets and debts between you and your spouse. Prepare a final list and decide which properties you need on your name. Feel free to discuss this with your spouse. When both parties compromise, the whole process will go smoothly.
In The Court
When you really don’t want to compromise anywhere in the process of property distribution, you may go to court. For dividing the properties, your judge will use the state laws always. This process is definitely a time-consuming and costly method to fix your problem.
Your financial situation will also be kept in view when dividing the properties. Marital property will be generally considered for equitable distribution. Dividing your properties can become a frustrating task if you don’t do it in a well-organized manner. Discuss with your lawyer always before deciding on anything.
Dividing Debt
Any debts accrued during your marriage will be shared equally between you and your partner(spouse). Any joint loans will also be split between you both. Any debt owed before your marriage will not be considered as joint debt. You must also cancel the joint credit cards as well. If you are unable to pay the debt, the court will decide on what needs to be done looking at your financial condition.
Hidden Assets
Many people hide the details of their assets to avoid losing them due to divorce. Remember, hiding properties is a crime. Hence, make sure that you don’t hide anything when speaking with your lawyer.
