Division Of Marital Debt
It’s natural during the initial stages of a divorce to focus on tangibles. For many people, this means worrying about how assets — the house, the cars, stocks and other investments — will be divided.
This is only half of the story, however. You know that assets aren’t the only thing that must be considered during divorce proceedings. Debts like credit card balances, mortgages and tax bills also must be divvied up, and how this division occurs could shape your financial situation for years to come.
At our firm, getting you through the immediate proceedings in a divorce is one of our highest priorities. We also place a special emphasis on thinking beyond when the final papers are signed. Our attorneys understand that a divorce means more than ending a marriage; it means planning for a new chapter of your life. Because financial well-being is such an important part of anyone’s life, we give legal advice to make sure you aren’t unfairly burdened with marital debt in the future.
How We Can Help You Maximize Your Financial Position
You may have heard or read that Pennsylvania is an equitable distribution state. In basic terms, this means that rather than simply dividing everything — debts and assets — straight down the middle, a family court will take a more careful look at the relative positions of both spouses and attempt to divide things in a way that is “fair.”
Because what’s “fair” is nearly always up for debate, our attorneys’ significant litigation experience can be an advantage when you and your spouse must divide the less pleasant side of your marital estate — namely, debts. We will conduct a thorough investigation and accounting of both your and your spouse’s finances to fully understand how you are both likely to fare following a divorce, then advocate for an outcome that will keep you from facing a new future with excessive marital debt.