As you move forward with your divorce, you’ll need to address the division of your marital property, but some couples are ready to simply accept the debt that follows them through the divorce process. Doing so can come back to haunt your financial future. The following primary reasons for properly allocating your debt in your divorce may help you gain a better perspective on the matter. One of the most important steps anyone who is facing a divorce can take is retaining an experienced Chicago divorce attorney early in the process.
Let’s say that you and your divorcing spouse take your own debt upon divorce and proceed on your merry way. The debtors who own the debt in question are not particularly interested in the deal you made between yourselves, and they can come after anyone whose name is attached for payment if it is not outlined in your final agreement and entered by the Judge. Credit that is obtained during a marriage often has both spouses’ names on it, which means that if your ex drops the ball, you could be on the hook for the debt in question. By addressing the matter in court and having your name removed in the process or allocated pursuant to a court order, you protect yourself from costly future scenarios that you no doubt would prefer to avoid.
Often, spouses will resolve matters related to the division of marital property between themselves without ever getting around to actually doing the dividing, such as when a valued piece belonging to one spouse is safely stored in the attic of the other. This is all well and good until you want to retrieve your possession, and your ex suddenly forgets making any such agreement. Including this specific term in your divorce decree ensures that such mishaps won’t happen. The kinds of items that often become sticking points post-divorce are those with sentimental value that an emotion-fueled divorce can compound.
The ownership of assets and properties that have a written document attached, such as the following, are ruled by the ownership outlined in the title:
When these assets are jointly owned or when the spouse whose name is not on the title acquires the asset in the divorcee, it’s critical that ownership be clearly defined in the divorce. Not only will your divorce decree outline ownership, but it will also include terms that require the spouse who is surrendering ownership to make it official by executing the necessary paperwork. Failure to address this in your divorce can leave you in the lurch.
The focused Chicago divorce attorneys at WARD FAMILY LAW take immense pride in their imposing record for helping valued clients like you protect their financial rights throughout the divorce process and beyond. Putting in the necessary effort ahead of time can help protect your financial future, and we have the legal skill, resources, and insight to help get the job done right. Please don’t delay contacting us for more information about how we can help you today.
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