Except for matter relating to the children, asset and debt division is usually the most difficult part of a Wheat Ridge or Arvada divorce. The more assets or debts you and your spouse have, the more challenging this task can be. Usually everyone expects that the marital property will have to be divided, but debt is sometimes a surprising aspect that people forget they have to deal with.
Debts and Assets and Treated the Same for the Purposes of Dividing in a Wheat Ridge Divorce
As previously stated, it is common knowledge that marital assets are subject to division during the Wheat Ridge divorce process. Assets that were obtained prior to the marriage can be designated as the personal property belonging to just one party, and any property obtained or acquired during the marriage is considered joint property. The same principles apply to debts. Any debt that one party took on before the marriage, remains with that party. Debts acquired during the marriage are subject to be split between the divorcing parties. It doesn’t matter who was responsible for the debt – if it was taken on while you were married, it is a joint debt.
Marital Debt in Arvada: What If the Debt Isn’t Mine?
Let’s say your husband or wife has a credit card under their name. During the marriage, your spouse uses that credit card regularly and racks up $20,000 worth of debt. That debt legally belongs to both parties. Now, if the credit card had $10,000 worth of debt that was accrued prior to the marriage, that would solely belong to your spouse, but the additional debt that occurred during the divorce belongs to the both of you, no matter whose name is on the card or who is responsible for the debt.
Debt and Divorce in Golden and Jefferson County – Have an Experienced Divorce Attorney on Your Side
At the Pearman Law Firm, we understand that every case is different and has its own unique circumstances. While we can state to general rules and principles that apply to divorces in Colorado, it is not a one size fits all situation. This is why it is so important that you consult with an expert divorce and family law attorney regarding your divorce. You need someone to personally review your case to advise you on your options and negotiate in your best interest.