Lewisville Division of Debts Lawyer
Divorce involves the separation of property, which many people knows means splitting assets, such as homes and bank accounts, but fewer are aware also includes divvying up debts. However, debt division is something that must be done fairly commonly in Texas divorces; in fact, any marriage that has incurred debt for the duration of the marriage will have to involve debt division in the event of divorce.
As with dividing property, dividing debts can easily become a contentious issue as many people feel they were given an unfair portion of the debts. As such, protecting your interests throughout a divorce, especially when you need to divide debt, is critical.
Dividing Community Property
Debt division in Texas is different from some other states. In Texas, “community property,” including debt, is classified as owned by both spouses in a marriage. So if a divorce occurs, then spouses will have to divide community debts such as:
- Property debts
- Credit card debt
- Debts on vehicle purchases
- Tax debts
All of these and potentially other debts will have to be separated between divorcing spouses before a divorce can be completed. Because taking on debt is a major issue, many spouses find themselves unable to agree on a debt division agreement. In this situation, legal intervention is not only needed to help resolve these issues, but also to protect your specific financial interests.
During divorce, you and your spouse may have to separate your debts, a process that can be confusing and extremely frustrating. To avoid this confusion and worry during divorce as much as possible, it’s usually advisable to have a qualified legal representative on your side. At Alexander & Associates, our legal team can help support you through your debt division and divorce. To discuss your debt division and other divorce needs, call (972) 420-6560.