Dividing Debt in Equitable Distribution Cases

NC family law attorneys can help divorcing spouses navigate the complex process found in Wake County family court. Earlier articles have mentioned a couple of different marital assets that are particularly complicated to split equitably. When two spouses file for a divorce, both parties should consider not only their assets but also the debt that may be a part of their marriage. This must also be split fairly according to Wake County family court. While this may be complicated, Wake County attorneys can provide guidance and help the divorcing spouses understand the future payments that may be required.

North Carolina family court views property and assets received or attained by each spouse during the marriage as marital, separate, or divisible. Wake County family court does this by looking at when the debt was taken on, who acquired the debt, and what it was being used for. Some debt may be considered separate, and it will not have to be divided equitably between the spouses. If the debt is determined to be marital, and not separate to either spouse, then the NC court will split it equitably between the spouses.

Some debts that were incurred by the spouses during their marriage such as credit card debt or a mortgage may in fact be more of a responsibility of one spouse than the other. The future debt payments are affected by the name on the credit card-is the card in both spouses names or in just one? Another scenario may be debt incurred because one spouse overdrew the account. Mortgage payments can also be affected, as one spouse may have paid more of the mortgage in the marriage or during the separation.

NC family law attorneys are a source of strategy and knowledge when working through the divorce process in Wake County family court. The rules of equitable distribution during a divorce are surprisingly long. Debt taken on during a marriage may be frustrating to divide equally, and it may be difficult to understand the decisions of the court. Wake County attorneys can provide help to each spouse in order to reach the most equitable and fair decision for everyone involved.