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Knowing what to expect regarding marital debts in divorce

On Behalf of | Nov 28, 2022 | Divorce |

Many married couples may accumulate various types and amounts of debt over the course of their relationships. When a couple decides to divorce, the presence of marital debts may play a significant role in the outcome of the process, and it could even prove a point of contention at times. Knowing what to expect from this aspect of divorce may prove essential to helping individuals in Georgia prepare a strategy to protect their financial futures through every stage of the process. 

Addressing marital debts 

One of the first steps to take when addressing the topic of debts could involve creating a detailed list of all forms of marital debt. This could include anything from mortgages and credit card bills to automobile loans, and sometimes even student loan debts could be deemed marital property. As marital debts will likely be subject to the process of property division, understanding what is at stake could prove vital to preparing for what comes next. 

While each party may agree to the responsibility for certain marital debts during legal proceedings, it may be helpful to know that both parties may still be legally liable for debts even after a divorce is finalized. While creating a strategy to pay down debts as soon as possible could help mitigate a variety of financial risks, it might not always be possible in every scenario. It may also be helpful to keep watch over one’s credit score after a divorce, as should the other party fall behind on payments on joint debts, the outcome of the situation could affect a person’s credit. 

Creating a strategy 

Marital debt is just one example of a vital topic to address when facing a divorce and those who wish to know every essential factor involved may benefit from seeking advice in the initial stages of the process. By consulting with a family law attorney, a person in Georgia could obtain much-needed guidance in evaluating his or her available options and making informed choices about each in turn. An attorney can work with a client in creating a strategy for divorce proceedings that best aligns with his or her wishes and needs for the future. 

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