Individuals going through divorce experience major upheavals in multiple areas of their lives, including their finances. They may especially be concerned about how their debt will be handled. Here is a look at how debts are divided during a marital breakup in Texas.
A rundown on divorce debt division
Texas is one of a handful of states known as community property states. In these states, two spouses getting divorced are both usually responsible for the debts they accrued while married. This may be true even if just one of the two parties created the debt.
Once the spouses are legally separated, they will typically be responsible for only the debt they take on moving forward. Likewise, any loans the two parties took out before getting married may not be considered community debt. In this situation, these loans would not be subject to division during divorce.
How a family law attorney may help
No two divorce situations are the same, so an individual considering divorce may want to consult a family law attorney in Texas for personalized guidance right away. An attorney can help the individual make educated decisions regarding the division of assets and debts such as real estate and credit card debt, respectively, at the negotiation table. The attorney will strive to help his or her client achieve a comprehensive and just settlement with his or her future ex-spouse. The attorney’s chief goal will be to protect his or her client’s best interests and rights each step of the way given the circumstances surrounding the marital breakup.