How Debts Are Divided in Divorce in Alabama
Just as you are entitled to an equitable division of marital property in divorce, you are also obligated to assume an equitable share of marital debts. Since many divorcing couples have more debts than assets, you need to be aware of how debts will be divided. Even if you did not create the debt, you may be responsible for paying back half of it.
If you are facing divorce in the Birmingham area, I offer a free initial consultation to discuss the division of marital debts. If you seek a lawyer's advice early enough, you may be able to avoid certain types of credit card debt in the months leading up to your divorce.
How Credit Card Debt is Divided
You and your spouse probably have a number of credit cards. Even if you did not apply for the credit card, you will be obligated for the current balance and future charges if you used the credit card one time.
As your lawyers, I can help minimize your exposure to credit card debt. By canceling a credit card, you can avoid responsibility for future charges. However, you must cancel the credit card in writing. You must also mail the cancellation notice by certified mail so you can obtain a signed receipt showing that the credit card company received your letter. You would still be responsible for paying an equitable share of past charges on the canceled card.
Division of Mortgage Debt
If you receive the marital residence as a part of a marital property settlement, then you will also assume responsibility for monthly mortgage payments.
Free attorney consultation: To schedule an appointment at my Birmingham office, call 205-822-9334 or fill out the contact form on this Web site. Your initial consultation is always free.
