Division Of Debts In Divorce

Divorce and bankruptcy frequently go hand-in-hand, adding stress to a situation that is already emotionally charged. At Nowack & Olson in Fort Lauderdale, Miami and Palm Beach, Florida, we have assisted hundreds of couples engaged in bankruptcy proceedings before, during and after divorce.

We have been here before, and our attorneys are dedicated to helping you through this challenging time so you can come out financially strong in the end.

How Are Marital Debts Divided In Divorce?

During a divorce, all marital assets and debts must be divided equitably between the spouses. Marital debts, including mortgages, car loans and shared credit card debts, are then the responsibility of the spouse to whom they are assigned.

How Can Bankruptcy Help?

Filing bankruptcy before a marriage may be useful for couples with substantial debt and limited income. Chapter 7, in particular, can allow you and your spouse to dismiss all unsecured debts from credit cards and medical bills.

Filing for bankruptcy before divorce essentially takes one of the greatest points of contention – who will be stuck with marital debt – out of the divorce process. This can help both spouses move on with their lives without being crushed by residual debt from a divorce.

Contact Nowack & Olson

We know that divorce is already a stressful and expensive process. There is no need to add fuel to the fire by grappling over your past financial mistakes and debts.

With more than 30 years of collective experience, the lawyers of Nowack & Olson know how to create customized solutions under the Bankruptcy Code. To learn more and arrange a consultation in one of our three office locations, please call 888-813-4737.