divorced dad worried about finances

 

Outside of custody, finances are often the trickiest part of a divorce. While you are likely aware most assets are split down the middle, the same is true with debts. So, if you are seeking a Boca Raton divorce attorney, you need to know a bit about how these debts will be handled.

Perhaps your ex-wife ran up the credit card debt. Maybe she has a brand new vehicle she decided to treat herself to. It really doesn’t matter about the kind of debt, what matters is when she occurred the debt and what you have to do with it.

The Boca Raton divorce lawyer is going to tell you a few different things. First, they will ask if your name is on the debt at all? In other words, if it is on a credit card, is your name attached to the account in any way? Either as a co-owner of the account or even as a co-signer, so she could receive the lower interest rate. If your name is on the account in any shape or form, it doesn’t matter if it is credit card or a car payment, you will likely be required to pay half of it.

Now, if you can prove without a doubt the debt is 100% hers, you may have a chance to avoid this debt being saddled to your own back, but chances are, if your name is there, you’re stuck with it. On the other hand, if your name is not attached to the debt, or if she occurred the debt before the two of you were married, you have a better chance of avoiding it. Maybe she has student loan payments you helped pay while married. These are still her payments and as the debt is for her education and not yours (and if she received the loans before you were together) then you probably won’t be responsible for the debt.

If you have questions about your ex’s debt and if you will be responsible, contact an experience Boca Raton divorce attorney at Orner Law, LLC today. We have the experience to help. Schedule a consultation today!