When Debt And Divorce Collide
Thomas C. Rowsey is a family law lawyer and he can help you navigate your Georgia divorce. One issue you will most likely need to address is the division of your marital debts. This is referred to as “division of assets.” This term can lead you to believe it only deals with assets, but it actually also refers to dividing marital debts as well.
Georgia residents must divide assets and debts equitably. This does not mean equally, but “fairly,” in accordance with what a family court deems appropriate. There are several factors that are taken into consideration when the Georgia courts are determining how the fair distribution of debt division happens.
- Each spouse’s income
- Each spouse’s ability to pay
- The length of the marriage
- Each spouse’s behavior during the marriage
It’s logical that according to Georgia law, debt incurred by a spouse prior to the marriage (such as college loans) is not considered marital or joint even if that debt was a benefit to both parties. Debts incurred under one person’s name during the marriage (such as personal credit card debt) are considered marital debt under Georgia law.
When your debt and your divorce collide, you need an experienced lawyer, such as Thomas Rowsey to assist you in accounting for all your assets and your debts. Our experienced attorneys are ready to assist you every step of the way in the division of your debts during your divorce. Let us help you during this difficult time.
Posted on behalf of Thomas Rowsey, Attorneys at Law