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Dividing Debt after Divorce

When many people think of the divorce process, they imagine the division of all of the assets that a couple has accumulated over their marriage. However, during a divorce, there is not always just a division of the assets. In fact, many times there is also a division of debt.

In a divorce, things should go as smoothly as possible so that you can move on with your life. Sadly, though, dealing with debt can make this process contentious and worrisome. To help you with your divorce proceedings, you should enlist the help of a knowledgeable, experienced attorney. Contact a Raleigh divorce lawyer from the Marshall & Taylor PLLC today at 919-833-1040 to discuss your legal options.

What Happens to Debt?

Debt is divided between a couple much like assets. Of course, if someone came into the marriage with large, outstanding loans, this person is typically responsible for these debts after the marriage ends. However, any debt acquired in the name of both spouses will fall to both of you. This includes debt that may have been incurred without your knowledge.

During the divorce proceedings, you should freeze your credit cards and obtain a credit report as soon as possible. This way, you can see if there was any spending that your spouse may have performed without telling you. Additionally, you can prevent your spouse from racking up more debt while credit cards are still held in both of your names.

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Once you are aware of any debt, you should seek the help of an attorney to divide up the debt as fairly as possible. This way, you can only be held responsible for your part of the debt. To discuss your case, contact a Raleigh divorce attorney from the Marshall & Taylor PLLC at 919-833-1040 today.