While much of a divorce case centers on how property will be divided between the parties, a Lemon Springs family law attorney can recommend taking a careful look at the debt that is involved in the case. By tending to this aspect of the case, a Lemon Springs family law attorney can help his or her client start off on firmer financial footing after the divorce.
If a person is legally responsible for a debt, this does not change simply because they got divorced. Even if an ex agrees to pay for a debt that is in the other spouse’s name, the family court does not have jurisdiction over creditors. Some spouses may agree to take on additional debts and then decide after the divorce that they want to get back at the spouse and do so by wrecking his or her credit. Creditors generally have the legal right to pursue the indebted spouse regardless of what the divorce decree states.
In order to avoid some financial issues related to divorce, some spouses may close out joint accounts or by removing the other spouse’s name from the account if he or she is no longer responsible for it. This can help prevent last minute charges that are made on the accounts and help the spouse start to re-establish credit in his or her own name. If a spouse misses a payment on a joint account or an account that is in the other spouse’s name, this will impact the spouse’s credit. A divorce lawyer may make recommendations specific to the case, such as selling off property to pay off joint debt or refinancing the mortgage in the spouse’s sole name.