While many disputes in divorce cases center on the division of marital assets, how the marital debts are divided between divorcing couples can also be a topic of much concern, distress and contention.
At Goldman Law, LLC, our experienced Denver divorce lawyer is proficient at handling this aspect of divorce cases and helping our clients limit their liabilities during the division of marital debt.
When finalized marital settlements have unfairly distributed the debt between divorced couples, our attorneys can also be relied on to file appeals and assist our clients in getting the equitable division of marital debt they are seeking so they can preserve their assets and look forward to their bright future.
Martial Debt versus Personal Debt: A Critical Distinction
As with martial assets, the first step in the division of marital debt will be determining what portions of the total debt a couple is carrying actually qualifies as martial debt versus which of these liabilities are personal debts. While this distinction can be difficult in some cases, in general, marital debt will include any debts that have been incurred during the course of the marriage.
Debt that will typically not count as marital debt (and, therefore, will remain a personal debt that one party is responsible for repaying) include (but are not exclusive to):
- Debt incurred before the marriage or after a couple officially separated
- Student loan debts (regardless of whether a person was single or married when this type of debt was incurred)
- Debt acquired for inappropriate purposes, such as gambling debts or debts incurred in relation to an extramarital affair.
Factors Contributing to the Division of Marital Debt
Once the amount and types of marital debt have been definitively established, the next step will be to divide this debt between the divorcing individuals. While attorneys for both parties may be able to work out a division of the marital debt that both parties can agree upon outside of court, when such agreements are not possible, the court will take over and oversee the division of the marital debt.
When the courts are handling the division of marital debt in a divorce, the following factors are just some of the issues that can impact how this division of marital debt will play out:
- The amount of marital assets that one or both partners have already been awarded
- The amount of child and/or spousal support payments that either partner has been awarded or has been ordered to pay
- The length of the marriage
- The overall financial standing of each individual
- What the court considers to be “equitable” in terms of the division of marital debt (note that equitable does not necessarily mean “equal”).
Because the division of marital debt in a divorce can have long-term impacts on a person’s financial situation, it’s crucial that divorcing couples have an experienced attorney representing them and helping them get a fair and favorable division of marital debt in their divorce case.
Denver Divorce Lawyer at Goldman Law, LLC: Experience You Can Trust
Are you going through a divorce that may involve the division of marital debt? If so, you can rely on the trusted Denver divorce attorney at Goldman Law, LLC to advocate your rights and help you obtain the best possible outcomes to the division of this debt – and your overall divorce case.
To learn more about your rights and receive a professional case evaluation, contact us by calling (303) 656-9529 or by emailing us using the contact form on this page. From our offices in Denver, we serve clients throughout Colorado.