May. 03, 2021
How is Debt Split in a Divorce?
Matrimonial debts are mostly divided into three categories: marital, separable, and independent debts.
How the Court Handles Property and Debt Division
Following your motion for fair sharing in court, a judge would split the properties between both parties in three measures.
Classification and Identification
The judge must first decide what constitutes marital property, by identifying and classifying the asset and liability, then apply the legal concept of marital property.
Marital property includes the debts you accumulated throughout your marriage. Titles alone do not determine who gets what once it was purchased during the marriage.
Since there will be assets listed as marital and separate, acquiring a divorce lawyer Greensboro who’s familiar with North Carolina cases is imperative.
Next, the judge will determine what the estate net worth was from the date the couple became separated.
Whatever the value of the property is based on the current market minus any debts will determine the net worth.
Deciding on Distribution
Finally, the judge will make a decision about the allocation of marital assets and debts.
Multiple factors must be considered by the judge in deciding an equal split under North Carolina law, including, children, all parties income and liabilities, tax implications and attempts to neglect or take over property.
In an ideal situation, the partners and their divorce attorney Greensboro NC will attempt negotiations.
How an Attorney Will Assist
Since divorce in itself is difficult, the Law Office of Mercedes O. Chut will guide you through the separation of assets process to avoid the court, especially when there are numerous properties and there’s uncertainty involved.
Get a family law lawyer Greensboro by your side instead of fighting for what you feel is solely yours.
It is essential that you leave your marriage with a reasonable share of what you contributed to and a limited amount of responsibility. An expert attorney will handle the situation and ensure that no details are overlooked.