San Diego Division of Community Debt Attorneys
During a divorce, it is not only your assets that will be divided up between you and your spouse. If you two have built up debt during your time together, you may have to divide your community debt as well. Ideally, you and your former spouse will come to an agreement that divides everything fairly, including your assets, property, and debt. But, there are special concerns to keep in mind when dividing debt that could prove costly.
Division of property and debt are just two issues that arise during a divorce. These are important issues, which might be ignored in a complex divorce case where more contentious issues like child custody and child support are involved. The experienced San Diego division of community debt attorneys at Huguenor Mattis, A.P.C. will remain on your side throughout the process to make sure your rights are protected every step of the way.
Contact our San Diego divorce lawyers at (858) 458-9500 to discuss your case.
It's common for one spouse to take on certain credit card debt while the other agrees to take care of other debts. It is important to remember that credit card companies aren't involved in this negotiation. They don't really care who is responsible for the debt after a divorce. They just want to continue receiving payments. If your ex fails to make payments, your credit score could get affected.
If you have a credit card in your name and your spouse agrees to pay off the balance, the credit card company can still go after you. To avoid this problem, it's advisable to have your ex get a new credit card in only their name and conduct a balance transfer. Another option is to pay off credit card debt by selling joint property. Using the money you get from selling your home is a great way to get out of debt and to start fresh after your divorce.
For some, financial issues don't end once their marital settlement agreement (MSA) is met. Some exes fail to live up to their part of the agreement. If your marital agreement was merged or incorporated into your court judgment, you have the right to enforce it. You can seek legal guidance to be sure that you get the property you agreed upon and that your ex pays off debts as listed in the settlement. But, if your MSA wasn't merged or incorporated, it will be treated as a contract and not a judgment. You will have to enforce it by filing a civil case for breach of contract and get a judgment on that civil case.
All divorces are potentially stressful and emotional, whether they involve a division of assets or a division of community debt. Financial matters can complicate your situation further. If you're entering into a divorce, make sure you protect your best interests by contacting an experienced San Diego division of community debt attorney.
Call Huguenor Mattis, A.P.C. at (858) 458-9500 for a free consultation.
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