Eidelman & Associates Division of Marital Debt During a Divorce Work? | Page 3

Lawyers are Important to Have During a Divorce
Divorces are tough and they can leave anyone feeling defeated in the end. However, if
you want to make sure that you get what is rightfully yours, while making sure that
everyone is in the right position, speaking with a lawyer is the best way to go.
Keep in mind that depending on the state and local regulations for that area, there are
a series of things that need to be done and thought about before the property and
assets can be divided. When there is debt, this must first be paid off with the assets.
Both parties are responsible for paying half of it off. This can be done through the
assets that are being liquidated by either party or in installments, whatever the parties
and judge decide is best for each person depending on the extent of the debt owed.
Due to having to split everything, every divorcing couple is recommended to speak
with a mediator, either with or without the use of their lawyers to find out what can be
split, kept, liquidated and paid off before it is escaladed to court. This will save time
and money for everyone involved and will ensure that the transaction runs might be
smoother.