How Does the Division of Marital Debt During a Divorce Work?

1
Table of content

• How Does the Division of Marital Debt During a
  Divorce Work?
• Lawyers are Important to Have During a Divorce
• Mediation Might Help the Couple
• Dividing Real Estate in Divorce and Who Gets What
• How Assets and Real Estate is Divided in Divorce
• Fighting Over the Real Estate
• What to Expect with Divorce Mediation?
• There are Many Benefits of Divorce Mediation

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How Does the Division of Marital Debt During a
Divorce Work?

• When two people want to go through a divorce,
  then they have to consider the debt and the
  assets that they have. Usually when these are
  also made and contributed during the divorce,
  both parties are responsible for dealing with
  each of them. Due to this, the divorce cannot be
  finalized until both parties agree on the debt
  and asset arrangement that needs to be made
  beforehand

3
Lawyers are Important to Have During a Divorce

• Divorces are tough and they can leave anyone
  feeling defeated in the end. However, if you want
  to make sure that you get what is rightfully
  yours, while making sure that everyone is in the
  right position, speaking with a lawyer is the
  best way to go.
• Keep in mind that depending on the state and
  local regulations for that area, there are a
  series of things that need to be done and thought
  about before the property and assets can be
  divided. When there is debt, this must first be
  paid off with the assets. Both parties are
  responsible for paying half of it off. This can
  be done through the assets that are being
  liquidated by either party or in installments,
  whatever the parties and judge decide is best for
  each person depending on the extent of the debt
  owed.
• Due to having to split everything, every
  divorcing couple is recommended to speak with a
  mediator, either with or without the use of their
  lawyers to find out what can be split, kept,
  liquidated and paid off before it is escaladed to
  court. This will save time and money for everyone
  involved and will ensure that the transaction
  runs might be smoother.

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Mediation Might Help the Couple

• Since everything is split equally usually, this
  can be a great way to divide assets and find out
  how things are being paid for and divided before
  anything gets bad. This can be something to think
  about when the time comes to put cash in an
  account and use it to pay debt, so both parties
  do not have to worry about assuming half of it
  because the money is there to pay it off. There
  are many ways to go about this and a mediator is
  able to help the parties decide which way is the
  best way.
• This might even resolve all of the issues, have
  all of the papers signed that need to be and
  ensure that everyone is able to walk away with
  the assets that they want and need from the
  divorce, regardless of what they are. Everyone is
  happier with mediation.
• Speak with a professional today to find out how
  they are able to provide the help that is needed
  during a divorce. You should feel like you have
  someone to turn too and with their help, you do
  not have to worry about not being able to get the
  assets you are rightfully entitled too. Allow our
  professional lawyers to take control and walk you
  through the process.

5
Dividing Real Estate in Divorce and Who Gets What

• Divorce can be a tricky, messy subject for so
  many that are dealing with it or going through
  it. In order to determine who gets what during a
  divorce, there are some factors to consider. When
  dividing real estate in divorce, the judge or
  mediator might work with the couple to determine
  some key things to make an ultimate decision on
  who gets what.
• When you go into divorce court, keep in mind that
  not everything is going to go in your favor. The
  judge rules based on a set number of regulations
  and steps they are given. Due to this, many
  people find themselves a bit frustrated when they
  leave the court room, but it is done to make sure
  that each party gets their fair share from the
  marriage.

6
How Assets and Real Estate is Divided in Divorce

• There are times when the house that a person owns
  is their house before the marriage. In this case,
  the house usually stays with the person that
  purchased it. If the people have mutual kids
  together and the person that has the kids most of
  the time needs a place to live, they would also
  keep the house. This is dependent on the needs of
  each person that is fighting over the house and
  why they would want to keep the house or for what
  they might use it. Housing kids is important and
  would need to get priority. 
• In a case where the couple has purchased the home
  together after marriage then the value of the
  home and the assets within it are going to be
  split down the middle. Usually when this is the
  case, the home will then have to be sold so that
  each party can go their separate ways and not
  have to worry about who is going to get or live
  in the house.

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Fighting Over the Real Estate

• Sometimes one of the people in the fight want the
  home and the other walks away because they feel
  that this is the best thing that they can give to
  the other person or they feel that the other
  person would benefit from the use of the home.
  Other times, both parties are fighting over who
  gets the house and everything inside it. When
  this is the case, the judge has to consider all
  variables.
• It is important that you get a lawyer to help you
  through this tough time and you speak with the
  other person. Not only can you handle this type
  of situation outside of the court room, but also
  you are able to hire a mediator that is able to
  take you through the entire process if you want
  to keep it away from the courts. This can be
  done. Just speak with your lawyer and possibly
  your spouse to see how they feel about it. You
  will then be able to enjoy getting more out of
  the divorce and openly communicating with one
  another without a whole court room staring at
  you.

8
What to Expect with Divorce Mediation?

• Divorce mediation is something that is sometimes
  needed during a heated divorce battle. It is a
  way to easily leave a situation instead of having
  to bring the situation to court. This is done
  through a special mediator that is hired for the
  job. They are usually hired by the couple or
  through their lawyers. They are qualified to
  provide this type of service and help the people
  sort through their differences.
• This is an important thing to think about going
  through and something worth considering instead
  of bringing the divorce through the court room.
  Many people going through a divorce do not even
  know that they have this option to go with. It
  provides everyone with a way to enjoy all that
  comes from the divorce.
• Take the time to look into the many options
  available to you and your spouse for your area.
  You may find that there are mediation
  professionals able and willing to provide the
  services you need.

9
There are Many Benefits of Divorce Mediation

• There is always a long list of divorce mediation
  benefits that come from choosing this method of
  breaking up, instead of having to bring it
  through the court room.
• This is an inexpensive way to settle a divorce by
  keeping it out of the court room
• This method is confidential and there are no
  records of what happens while in the room
• Your lawyers are welcome to be present during the
  entire meeting
• You can arrive on a resolution that works for
  everyone in the room and what everyone agrees on
• You are able to have more control the entire
  process along with your spouse
• This can help improve communication between you
  and your spouse which is better for any future
  conflicts that might arise
• Mediations can settle the issues for you in one
  day or a few days instead of dragging it out in a
  court room

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• Mediation is definitely something worth trying
  for anyone that is going through a divorce.
  However, it might not be successful for everyone.
  This is something to consider when you are going
  through a tough time with your spouse. Mediation
  is definitely an option and if you and your
  spouse can go through with it, it is the more
  likely option to end well. Court room divorces
  are messier, more stressful and cost much more
  than going through a mediation.
• If you are going through a divorce, the best
  thing to do is to find the best way to get
  through the situation. With the help from someone
  that understands the process, you both can go on
  your way while agreeing to the split and all of
  the assets that go with it. This will make things
  much easier overall. Find the right mediator for
  the job today when you are going through a
  divorce to smooth things over easier. This is a
  great method for anyone that wants to skip the
  court room and get things done easier.