Dividing Debt in Divorce
Do You Understand How The Divorce Process Works in Columbus, OH?
Dividing assets can be an incredibly contentious of any divorce process, and it becomes even more so when some of those assets that need dividing include debt. Debt and divorce are two of the most stressful things anyone can face in their lives, and they become exponentially more so when combined. Depending on the size of the debt you and your soon to be ex-spouse need to manage, the process could become even more financially complicated. However, an experienced divorce lawyer can help you manage this process and walk away with an outcome that puts you in the best position possible.
Our Columbus divorce lawyers at Grossman Law Offices worked for over 40 years fighting for the rights of families and individuals. No matter where you are in the divorce process, our legal team is ready and waiting to hear your story, and will work with you to plan out your next steps. Contact us today to begin preparing your next steps.
How Do I Prepare?
Just like dividing any type of property during the divorce process, the first thing you and your attorney need to establish is what debts exist, the amounts owed and whose name the debts falls under. No matter what type of agreement you and your spouse worked out, the company that is owed the money is not bound by that agreement. This means that whoever’s name is listed on the financial agreement will likely remain responsible for any penalties, fees and/or interest that builds up. It is critical that this be taken into account in settlement negotiations.
The simplest option may be to pay off the debt completely during the process by selling off property or other assets in order to avoid the any issues that could come from missing a payment, though that may not be financially advisable depending on your situation. Whether you choose to follow this path, or pursue another option, an experienced divorce attorney can help you navigate any legal hurdles and ensure a smooth transition to post-divorce life.
Call our firm at (614) 344-4311 to discuss your situation with one of our attorneys today.
Hire Representation You Can Trust
Whether you are at the beginning of your divorce process or already well on your way, it’s important to hire legal representation you can trust. At Grossman Law Offices, our Columbus divorce attorneys have helped thousands of families and individuals secure the legal outcome they need over the past four plus decades, and remain committed to providing the same level of service we have become known for to each client we take on. Call us at (614) 344-4311 to discuss your situation over the phone, or send us your information by filling out our online form today.