Debt Division in Divorce

New Jersey Divorce Lawyer

The division of debts is a very important part of dissolving a marriage through divorce. The decision as to which of the parties will absorb which debts is ideally determined between the spouses involved. However, in many cases that is not possible to do in a simple and direct fashion. Even so, it is important that agreements are constructed or preparations are ongoing in whatever manner possible, so that when the matter comes to the judge, all debt division matters are ready to be finally settled. It is best to have an experienced New Jersey divorce attorney working with you on debt division.

At The Law Office of Steven P. Monaghan, we understand the difficulties attendant upon divorce. In some instances, divorces can be settled quickly and amicably between both parties. However, it is most often the case that even "friendly" divorces can come into a great deal of emotional conflict when attempting to work out dividing their lives in such a way as to make a working relationship or achieve closure on debts and other issues. This is one key area where an attorney can help.

Divorce Attorney in New Jersey

Divorce courts in New Jersey apply a rule of equitable and fair division of debt. This means that the judge makes the division in any way that is seen to be fair between the two parties. With some possible exceptions, the debts which are applicable will be those incurred since the couple's marriage began and before the end of their marriage. The court will also take into account a number of other factors in the division, including assets and their division, who will have child custody and any need for the parent with physical custody to occupy the family residence. For any debts which cannot be divided, they may be covered by a settlement agreement which includes joint payment. If the agreement is not kept by one of the parties resulting in damage to the credit of the other, legal action may be initiated. We are experienced in these matters and can help to address them at all appropriate points in the legal process.

Contact a New Jersey divorce lawyer for experienced and committed legal guidance and representation regarding the division of debt in divorce proceedings.