When you get divorced, you need to divide everything between your ex-partner and yourself. In addition to splitting up your assets, such as your house, cars, and other property, you also need to address the division of liabilities in Fairfield. What if your spouse has many college tuition loans or took on a substantial business debt? Who is responsible for those debts?
A knowledgeable property division attorney can help you answer those questions and assist you in determining how to divide any debts as well as your marital assets.
Connecticut follows an all-property system for the equitable distribution of assets and liabilities in divorce. Judges in Fairfield have broad discretion when dividing a couple’s property and debts. Unlike states that distinguish between marital and separate property, Connecticut courts may consider all assets, regardless of when they were acquired or whose name holds title.
Courts may also allocate debts in a manner they find equitable, regardless of which spouse incurred the obligation. A judge could divide debts equally or assign specific liabilities to each spouse based on the circumstances. A hardworking attorney who is familiar with Connecticut laws and practices can represent your interests in a divorce negotiation with your ex-partner or at trial in court.
In a divorce, courts need to look at liabilities and assets accrued by the couple both during and before their marriage.
During a marriage, a couple can accrue a wide range of debts. Some of the kinds of debts that could be subject to equitable distribution are as follows:
A knowledgeable Fairfield attorney could help ensure the court equitably divides liabilities from the marriage, preventing one party from shouldering an unfair financial burden. Legal counsel may investigate how and why the couple incurred the debt, including which spouse gained the greatest benefit. For example, if both parties agreed to take out a loan for one spouse’s education, the court may determine that the spouse received the primary advantage. Judges may also consider each party’s financial capacity to repay the debt, including income and overall financial stability.
The issue of debt incurred by one spouse before marriage can become complex. Some couples marry when one partner already holds significant student loans, car loans, or credit card debt. Although Connecticut law permits courts to consider assets and debts acquired both before and during the marriage, judges are more likely to assign premarital debt to the spouse who originally incurred it.
Still, financial circumstances may shift over time, and separate debt may become intertwined with marital obligations. For example, if one spouse contributed toward paying down the other’s premarital debt, the court typically does not reimburse those payments. Likewise, if the couple refinanced that debt along with other joint obligations, the court may not distinguish the original, separate portion.
To have the best chance of receiving a fair separation of your family’s liabilities, it is critical that you work with a skilled Fairfield lawyer.
The division of liabilities in Fairfield divorces is just as important, and often just as contentious, as dividing property. Whether you are concerned about debts taken on during the marriage or wondering how your spouse’s premarital obligations might affect you, legal guidance can make a substantial difference in the outcome.
Do not leave your financial future to chance. Contact our Fairfield divorce attorneys today to discuss your case, understand your rights, and take the next step toward an equitable division of debts and assets. The sooner you speak with an attorney, the better positioned you will be to protect your long-term interests.
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