People going through a divorce often focus on property divisions but may neglect to consider the impact of their marital debt. This is a significant oversight because the way you handle debt in your divorce can affect your financial life for years to come.
At Dolan Divorce Lawyers, our property division attorneys understand the complex issues surrounding the division of liabilities in New Haven divorces. We can explain how debt impacts an equitable division and help you devise a strategy for dividing assets and liabilities that puts you in a strong financial position moving forward.
Everything you or your spouse owns at the time of divorce is potentially subject to division, including debts. A partner’s assets and debts before marriage are not treated as separate in Connecticut and can be divided at the judge’s discretion. In practice, when a person divorces with debt acquired prior to marriage, courts usually assign that debt to the spouse who incurred it. However, it can be distributed between the spouses if the judge determines it is fair.
Connecticut General Statutes § 46b-81 requires that assets and debts be divided fairly but not necessarily equally. The law lists factors a judge can consider when dividing debt fairly, including:
A spouse may be responsible for more debt if they receive a larger share of the marital assets, or if they benefited more from the debt than the other spouse or the family as a whole.
Courts usually divide debts between spouses when they are acquired for family needs. This includes mortgages, car loans, credit cards, and other liabilities, regardless of whose name appears on the loan documents. It is essential to gather documentation of all debts, whether held jointly or in just one spouse’s name, when preparing for a divorce. This will allow a divorce lawyer in New Haven to determine the liabilities up for division and develop a negotiating strategy in your favor to produce a fair result.
Most couples use the irretrievable breakdown of the marriage as their ground for divorce, even if one spouse’s conduct caused the breakup. Citing the no-fault ground greatly simplifies the legal process of getting a divorce.
Fault can affect property and debt division regardless of whether a spouse cites fault-based grounds for divorce. If one spouse uses marital assets for non-marital purposes, a Connecticut family court judge may consider that when deciding on a fair distribution of liabilities and assets.
For example, if one spouse used marital funds in an extramarital affair or indulged in gambling, any related debt can be assigned to the guilty spouse. Bringing up one spouse’s fault in a divorce can cause acrimony between the partners and affect their relationships with children. If you are facing such a situation, a divorce lawyer in New Haven can review your case and advise accordingly before raising fault in the debt division process.
The division of liabilities in New Haven divorces can be complex. If you are not careful, you may find yourself paying more than your fair share of the debt you and your spouse acquired during the marriage. At Dolan Divorce Lawyers, our attorneys can help you understand the short- and long-term implications of marital debt division. Contact our team today to get started.
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