Do our debts get split up like our property during a divorce?

by | Jan 17, 2016 | Firm News, Property Division |

A divorce is not an easy thing to go through. A lot of emotions come to the surface, and spouses may be so hurt or emotional that they only want to take everything they can from their soon-to-be exes. Connecticut is known as an equitable distribution state. This means that the marital property — including debts — may not necessarily be divided in a 50/50 manner by the court. However, it also means that the marital property and debts will be divided fairly.

If a settlement agreement detailing who gets what cannot be agreed upon, then the court will decide it for you. The first step is to identify and evaluate the assets you have. It can be difficult to put a value on some assets, such as real estate, 401ks and pensions in today’s economy. At The O’Neil Law Firm, P.C., we have the experience and insight to help you identify the marital assets and what they are worth.

We can also help you plan for the transfer of real property, including a valuation of a family business. Qualified Domestic Relationships Orders are used to divide pensions and retirement funds that were earned while you two were married. It is vitally important that this order is completed properly and with the right values or you could end up getting less than you deserve of these assets.

When it comes to debt such as mortgages, credit card debts and secured debts, it is important to realize that these will need to be divided, too. However, just because one person is responsible for the debt in the divorce decree, it doesn’t mean the other person’s name is automatically removed from liability.

We understand that this is not a pleasant process, but a necessary one. We will work with you to get the martial assets that you deserve. To learn more about property division, including the division of liabilities, please visit our webpages focused on such topics.


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