Everyone knows that divorcing spouses must divide their marital assets during their divorce and, much like your prized property and bank accounts, you must also divide your debts. Missouri is an equitable distribution state, which means marital assets and debts are divided as fairly as possible rather than splitting it all down the middle. Additionally, a judge will consider several factors when dividing debts and assets, which we will review.
Divvying Up the Debt
A judge will try to divide marital property fairly by considering each party’s separate property as well as their income. For example, if you receive a greater share of marital assets, you may also receive more marital debts to balance it out. In the event your income is substantially higher than your spouse’s income, the judge may believe you have more of the ability to pay the debts and may order you to pay a larger share of the debts. If you and your spouse own a joint business venture, any debts it incurred may be awarded to the party who receives the business.
You may run into some complications if your former spouse fails to pay off debts that may be in both of your names or solely in your name since creditors may begin to harass you for payments, your credit may be affected and late fees may be accessed.
If your former spouse fails to pay off the debts a judge assigned during the divorce process, you can file a motion for contempt and take the matter to court to request that the debt provisions be enforced. If you make payments on these debts in the meantime to protect your credit, the judge may possibly address reimbursement for the debts you pay off
Discuss the Details of Your Case with One of Our Knowledgeable Divorce Attorneys
If you are getting a divorce, the experienced team at Galmiche Law Firm, P.C. will provide the legal advice and guidance you need to ensure debts are divided as fairly as possible, so that you can avoid potential complications in the future. Debt and asset division is a complicated process that requires the assistance of a knowledgeable legal advocate, so do not hesitate to reach out to us. Our attorneys have more than three decades of combined experience, which we will use to your advantage.
Take the first step toward securing the exceptional legal representation you deserve by reaching out to our law office at (636) 552-4841 to schedule a free initial case review with one of our trusted divorce attorneys.