How Divorce Attorneys Mequon WI Handle Debt and Divorce

by | Oct 22, 2014 | Lawyers

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The two main things that make divorce proceedings difficult are deciding the fate of the children and handling matters concerning the assets and debts accumulated during the marriage. The manner in which debts are split during the divorce proceedings will determine your financial state long after the split. It is, therefore, important to ensure that during the proceedings you do not end up with the situations that created most of the debts. The best way to avoid the debt trap is by hiring competent Divorce attorneys Mequon WI.

Where you live and debt responsibility

The state where you live determines whether you will be held liable for the debts incurred during the marriage. For instance, since Wisconsin is a community property state, the law will require you to share responsibility for any debt incurred during the marriage. These laws apply regardless of whether you knew about the existence of the debt or not. There have been cases where one of the spouses opened an account without the knowledge of the other and created debt. During the divorce, as unfair as it may seem, the spouse not responsible for the debt will have to pay. In case you are faced with such a situation, consult a lawyer and get their opinion on the course of action that should be taken. Visit the site for more info.

Joint credit accounts

If you and your spouse have a joint credit account, you will have to take part in repaying that debt together. This law applies even in circumstances where the court appoints the other spouse to repay the debt alone. In case the account goes into default because the debt was not paid, both spouses will be held liable. Note that creditors are not in any way bound by divorce decrees. Therefore, if a decree has stated the other spouse should pay the debt, and the spouse is not paying the debt, you should consult Divorce attorneys Mequon WI. The person can be forced to make these payments.

These are a few of the things you need to know regarding divorce and debt. Fraker Law Firm S.C. offers consultation and solutions for debt complications in divorce. Visit Domain Url for details.



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