Michigan Divorce – Dividing Debts
Most people understand that most divorces end with an equitable (close to even) split of marital property. It follows then that each side should be assessed an equal portion of marital debt also. However, just as an argument can be made that one’s separate property should be construed as marital property, an argument may also be made that debt accrued during marriage should be assessed to the party who created the obligation. Often times, there is wiggle room to make these kinds of arguments, but you really need an experienced divorce attorney to help you make articulate a winning position.
What is Marital Debt?
Generally, marital debt is any debt or obligation that is created after the parties have been lawfully married. Debts owed by the parties before the marriage are considered to be their own separate obligations, therefore, these debts are unlikely to be an issue in divorce cases.
When Could I be Assessed More Marital Debt than my Ex?
There are certain instances where a debt or obligation created during the marriage may be assessed solely to one party over another, or where one party assumes more overall marital debt compared to the other party. A number of factors are considered when equitably dividing marital assets and debts, and one such factor is that of fault. If one party has created marital debts because of a gambling or drug problem, to pay for a paramour or to defend oneself in a criminal prosecution; it is likely that these debts could be assessed solely to that party. In other situations it may make sense to leave one party with additional debt because he/she is in a better position to sustain him or herself after the marriage.
Contact an Experienced Divorce Attorney Today
In many ways, marital debt may be used as a bargaining chip to provide leverage in making a deal for one party over the other. If you are getting divorced, you need to contact an experienced divorce attorney to help you sort out these issues. Akiva Goldman & Associates specialize in property division and divorce, and we have served Metro Detroit for over twenty-five years. Contact us today for a free consultation at 586-268-2400.
Our Dividing Debts in a Michigan Divorce Attorney Can Help.
Just as marital assets should be equitably divided, so too should marital debts. Negotiating with your spouse on how to split assets and debts can be time-consuming and complex. You need an experienced divorce attorney to help you through this process. Contact Goldman & Associates today for a free consultation at 586-268-2400. Our experienced lawyers are here to help you.