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Assets and debts when "I Do" turns into divorce

It all began with "I Do." Down the road, property was purchased, debts were obtained and children were born. At some point along this journey, the initial infatuation wore off and reality took over. For some Connecticut couples, this reality turns into divorce.

Along with the decision to divorce come a multitude of other decisions. One of the primary ones is how assets should be divided. The basic premise is that each individual will receive his or her fair share and be able to maintain a lifestyle similar to the one currently enjoyed. However, the exact manner in which assets are divided depends upon either the agreement of the parties involved or at the court's discretion.

Perhaps an even more important decision is how debts should be divided. Many times, married couples hold debt jointly; this means that both individuals are responsible for the debt. If the debt is a mortgage for the family home, the party leaving the home will most likely want the individual who is planning to remain in the home to obtain a mortgage solely in his or her own name so as to remove the other party from the debt. In other cases, one spouse may agree to take on one debt while the other takes on another debt. It is important to remember that this is an agreement between the two soon to be ex-spouses; as far as the creditor is concerned, both parties are still responsible if they both incurred the debt.

Unfortunately, "I Do" can turn into "I Don't" for some Connecticut couples. When this happens, and divorce is inevitable, decisions regarding assets and debts will need to be made. The couple can work together or through their attorneys to come to an agreement, or they can leave it up to the court to decide for them.

Source: goodmenproject.com, "4 Top Money Issues In Divorce", Colin Amos, Oct. 24, 2016

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