Houston, TX- The average household in the U.S. has $130,922 in debt, according to Nerd Wallet. For most couples, mortgages are the bulk of their debts, but many Americans and Texas are carrying thousands of dollars in credit card, student loan, and medical debt. That can make things confusing when a couple decides to divorce, so the divorce lawyers at USAttorneys would like to discuss how debts are handled when a couple divorces in Texas.
As we said above, a mortgage is the largest debt a couple typically has and their most valuable asset, so it often becomes a source of contention, but there are a number of ways a divorcing couple can approach the issue and divide the debt. When dividing the marital home, the couple can agree to let one spouse keep possession of it and take over responsibility for making monthly mortgage payments (spousal support can help with this if necessary). A couple can also decide to sell the house and divide the proceeds between each spouse.
Before making any decisions about how to resolve mortgage debt, we urge you speak with a divorce lawyer to outline the different options available. A lawyer will keep you from making a decision that could hurt you in the long run.A divorce attorney can help you resolve an ugly fight over the marital home, assets and debts.
Credit card debt is another debt couples will need to deal with, but luckily the options are pretty straightforward. When a couple’s credit card is a joint account, and they divided the amount due equally while they were married, they will have the same arrangement in divorce. If they have separate accounts, they person named on the card is responsible for the debt. Sometimes, as part of a divorce settlement, one spouse will agree to pay the other’s credit card balance. If you have a disagreement about credit card debt, a divorce lawyer can help.
Medical debts are not as straightforward. Since Texas is a community property state, medical debts may be divided between each spouse. But a settlement can also require that each spouse is responsible for their medical bills, it just depends on their financial circumstances.
In one spouse should refuse to or neglects to pay a debt they are liable for they can be forced to pay by petitioning the courts. A property lien or a court order will work in some cases, but divorce courts cannot garnish wages or use similar means to collect debts.A divorce lawyer in Texas will work hard to protect your interests when you divorce.
Our team of divorce lawyers in Houston, Texas understand that figuring out what to do with marital debts can be complicated and frustrating. That is why you will benefit from getting legal assistance. USAttorneys can connect you with an attorney who can work to resolve any or issues over the division of assets and debts. Contact one of our divorce lawyers today and discuss what divorce means for all aspects of your finances.