What’s worse than the dissolution of marriage itself? Having to worry about if the other party to the divorce is liable for any debts. If he/she is, then there may be a problem here. To pile on to the cataclysm that is the divorce, when a couple splits up, either one could be liable for 100% of debts owed.
The spouse may be faced with a rather nasty surprise when he/she finds out that the other party may have taken a loan before splitting up. Before you know it, the bank or other parties are liable to demand repayment. This would put both parties of a divorce at risk.
This situation creates an understanding of the highlighted problems of financial issues. Women are disproportionately said to suffer a great deal when it comes to joint finances. When assigning a joint account with a partner, it’s not just the joint account that’s being signed up for but also a wide range of responsibilities.
The thing most people are often oblivious about is that the party that lends money to either spouse would be able to pursue either party of the marriage for 100% of the money owed rather than merely 50% that they assume they are liable for.
Any party moving towards a marital spit is advised to inform creditors as soon as possible. As soon as the relationship seems to be moving south, it is essential to freeze the account. Once that has been done, other finances should then be frozen until both parties of the marriage decide how to deal with the debt.
Divorce is not something to be taken lightly; it comes with an explicit state of a conundrum. For proper resolution of a clean break up, only a qualified Orlando Divorce lawyer can help either party.
Law Office of Erin Morse is a law firm that serves all of Central Florida, with an office conveniently located in downtown Orlando, Florida.
At the Erin Morse law firm, providing affordable, competitive, and passionate services is ensured to be continued throughout practices by experienced attorneys through an energetic representation for each client in seeking the best resolution to their unique situation.