How Can An Attorney Help With Diving Debts In A Divorce?

Are you struggling to manage the distribution of your assets and liabilities in a divorce? Explore how working with a qualified divorce attorney in Payson, UT can help you in distributing your debts.

When you are going through a divorce, there are many things at stake. Not only are you emotionally recovering from the dissolution of your marriage, but you may be faced with an ongoing legal battle in order to protect yourself from potential financial and familial issues. Between juggling the emotional weight of your divorce and navigating the legal minefield, it can be very difficult to know where to start when it comes to settling your divorce. To avoid any lasting repercussions, it is important to work with a qualified divorce lawyer in Payson UT who will help you develop a sound plan to manage your assets and divide any outstanding debts accordingly.

Protecting your financial future in a divorce begins with protecting your assets and distributing your debts. Working with a qualified divorce asset division lawyer can help you to navigate the complexities of debt division by ensuring that you receive your fair share of debts while remaining legally sound with the terms of the divorce. There are many factors that will be considered, so it is important that you approach your debt division with the proper legal representation so that you are in the best place to protect your future.

What Does Debt Division Mean In My Divorce?

Debt division refers to the process of deciding how the debts incurred during the course of your marriage should be allocated between you and your spouse. Just like martial assets and properties will be divided during your settlement, martial debts will also need to be distributed between you and your spouse. Ultimately, both parties will be expected to take personal responsibility for their share of any outstanding debts. 

In Utah, debt division is governed by a standard of equitable distribution, meaning that any marital debts will be divided fairly but not necessarily equally. In certain states, assets and debts may be distributed 50/50, splitting everything down the middle evenly. However, Utah courts make an effort to distribute assets and debts fairly by considering each spouse’s financial situation and how it pertains to their contributions to the marriage as well as their future needs.

What Debts Will Be Included In My Debt Division?

The division of debts for divorces in Utah are governed by equitable distribution laws, meaning that most property and debts acquired during the marriage are seen as belonging to both parties and are therefore divided in a fair manner depending on the circumstances of the divorce. However, not all debts are treated the same way, and some exceptions do apply for particular debts. The debts that fall under equitable distribution laws can include credit card debts, car loans, medical bills, and student loans. In Louisiana, both spouses will typically be responsible for these community marital debts.

On the other hand, there are a number of debts which are exempt from equitable distribution, commonly known as separate debts. Separate debts are outstanding debts that were incurred before the marriage, meaning that either you or your spouse accumulated this debt prior to your marriage. These debts can include credit cards, personal loans, or student debt that occurred before your marriage. While separate debts are commonly the responsibility of the spouse who incurred them, courts may examine whether or not these debts are for the benefit of the family, such as paying for a house with a credit card.

When you are entering the debt division process, it is important to work closely with a qualified divorce lawyer who will look out for your best interests and ensure that your financial future is being protected. The Law Office of Kelly Peterson experienced in family law cases and is fully prepared to provide you with the legal solutions you need to ensure that you aren’t being taken advantage of in your debt division proceedings. Attorney Kelly Peterson boasts over 20 years of experience in assisting clients in Payson, UT, bringing to the table a relentless focus on results and a proven track record of success.

The Law Office Of Kelly Peterson: Securing The Futures Of Clients In Payson, UT

Don’t allow yourself to be burdened with unnecessary debts after your divorce that will threaten the future of your finances. Speak with the team at the Law Office of Kelly Peterson today!

Are you looking for a divorce lawyer in Payson, UT who will stand by your side and fight for your future? The team at The Law Office of Kelly Peterson are standing by to assist you. Contact us today for an initial consultation and begin the process of winning back your peace of mind. Call us today at
(801) 616-3301.