Taking debts into consideration when facing divorce in New Jersey | Lane & Lane, LLC
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Taking debts into consideration when facing divorce in New Jersey

Many individuals in New Jersey or elsewhere may consider their financial standings to be of the utmost importance. When a couple decides to take separate paths in life, they may have concerns about how divorce could affect their future. However, those facing the end of a marriage may also find it advisable to consider how marital debts will be handled in the process, as these could also have a substantial influence on the outcome of the situation.

The division of property will inherently have an impact on a person's finances, but this process may not solely revolve around splitting up marital assets. In divorce, martial debts may also be divided between former spouses. However, while the responsibility for certain debts may fall to one spouse, the other may still be legally responsible regardless of what is stated in the divorce decree.

Regardless of whether it is a car loan or a credit card account, if both parties co-signed for the debt, creditors could choose to pursue payment from either party. If payments are not made on these debts, it could have a negative impact on the credit of both parties. When facing similar circumstances, one may find it beneficial to keep watch over his or her credit, as failing to do so could prove detrimental.

With numerous crucial aspects to cover, individuals who are facing divorce might benefit from seeking guidance in the early stages of the process. By speaking with a family law attorney, one may be able to obtain advice on making informed decisions regarding his or her future. An attorney in New Jersey can provide a client with advice and assistance in pursuing the best outcome possible during divorce proceedings.

Source: fool.com, "You Could Get Stuck With Your Spouse's Debt in Divorce", Christy Bieber, Accessed on Dec. 4, 2017

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