Charlotte, NC- According to the NerdWallet, the average American household has about $130,922 in debt. The bulk of that debt is their mortgage, but that isn’t the only debt, they are also carrying thousands in credit card, student loan, and medical debt. Debts are vexing for anyone but for a divorcing couple, financial obligations can make their divorce very complicated. Here our team of divorce lawyers in North Carolina will discuss what happens with your debts when you file for divorce.
The marital home is typically a couple’s most valuable asset, so it often becomes the biggest source of discord in divorce negotiations. However, there are ways for a couple to resolve the issue and ensure each one is satisfied with their final arrangement. When dividing the marital home, a couple can agree to let one spouse live in it and take responsibility for the monthly mortgage payments. Or, a couple can sell the house, pay off the mortgage and divide what proceeds are left. If one spouse remains in the marital home, they can seek spousal support if they don’t have enough income.The marital home is a couple’s most valuable asset, but it can also be their largest debt.
Another significant debt divorcing couples will have to deal with is credit card debt. Fortunately, the options for dealing with this debt is pretty straightforward. If they have joint credit cards, the balance is divided equally between both spouses. As part of a divorce settlement, it is possible for a higher earning spouse to agree to pay the other spouse’s credit card bills, especially if it is necessary to maintain a child’s upbringing.
In general, each spouse is responsible for all of the debt in their name. If there is some disagreement about credit card debt, a couple should speak with a divorce lawyer in Charlotte, North Carolina.
If one spouse refuses to pay a collective debt, they can be ordered to pay through court order or property lien, but divorce courts cannot garnish wages. Unfortunately, if the debt is in both of your names and your ex-spouse refuses to pay their share, you might have to pay or take a hit on your credit.If you don’t know what to do with your marital debt, contact a divorce lawyer near your North Carolina location.
There is a lot to unravel and examine to cut ties with your ex-husband or ex-wife. Being confused and frustrated about your debts is normal. A divorce lawyer can clear up that confusion and help untangle your finances from your estranged spouse. USAttorneys recommends you contact one of our divorce lawyers in Charlotte to assist you with all aspects of your divorce and help you avoid setbacks. Set up a consultation today and let an expert help you through the complex issues, so you aren’t bogged down.