Equitable division of property in divorce

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Equitable division of property in divorce Many
people think that all property and debts are
divided 50/50 in a divorce. This is typically not
the case. Rather, there is an equitable division
of property among the spouses. This means that if
one spouse makes more income, they may assume
more of the debt and more of
the property and assets, as well. For example, if
one spouse makes substantially more money than
the other spouse, they may agree that the spouse
retains 70 of all of the property and assets and
receives 70 of the debts, as well. Both spouses
will need to agree to a scenario regarding the
equitable division of property, or a judge will
make a determination on their behalf. Equitable
Division of Debt Any debt acquired during the
course of a marriage can be considered marital
debt, and can include mortgages, vehicle loans,
credit cards, or other types of debt. Again, this
debt will be divided equitably among both
spouses dependent on the specific facts and
circumstances of the case. Never take on a great
deal of debt on a credit card or other loan after
filing for divorce, as a judge may see this as
intentionally attempting to waste marital
assets. Contact an Experienced Family Law
Attorney If you are considering a divorce, you
likely have a great deal of concern regarding the
division of your marital property, debts, and
assets. Consulting with an experienced family law
attorney can help ensure your financial rights
are protected throughout the divorce process.
Contact an experienced divorce attorney at Giro
Law at 201-690-1642 to learn more about your
financial rights during your divorce.