Debt Division
How is debt division resolved in a divorce?Divorce is a very difficult process emotionally, but financial issues can make the process even more stressful. During economic downturns, we find that many of our clients are insolvent, meaning they have more debts than assets. Many clients are facing foreclosures on their family homes or are at various stages of default on their financial obligations. You will have many questions about what happens if the family home is foreclosed while the divorce is pending or who will be liable for any remaining debt. Enlist the services of a skilled attorney to represent you in all matters of debt division to avoid having to assume an unfair share of the community debt or separate debt of your spouse.
Debt Before and During MarriageDebt division is generally handled in a similar manner to property division. As a rule, debt pre-existing the marriage remains the responsibility of the spouse who acquired it. Debt incurred in the course of a marriage may be split evenly, or in other proportions as a means to balance out the fairness of overall property and debt allocation. Sometimes the longer a marriage endured for and the more investments there were, the further tied up the finances of a couple can become. It is critical to trace the debt source in determining who should be responsible for assuming a debt.
At Blair & Kim, PLLC, we know and understand that during tough economic times, debts are all that some divorcing spouses have to divide. We can organize your case to show why the debt was not your original responsibility, and why you should not be held responsible for it after your marriage has been dissolved. We have extensive experience in all aspects of family law, and have helped many clients throughout Seattle to avoid accountability for debts incurred by the other spouse.
Client Reviews
★★★★★
Mark C. Blair has no rival in his field in Seattle. A consummate professional. Communication was brief, straightforward, easy to understand, and without a typical condescending tone you can sometimes experience from attorneys on top of their field. Correspondence was timely and always affective. Any in need of criminal defense, should have a conversation with Mr. Blair, and you will quickly see and feel, no further contacts, referrals, or phone calls need be made. The money and time that can be saved by streamlining future contact and collateral damage in the sentencing process will far and away be worth every penny of the fee structure. Thank you very very much Mark Blair. N.Mark French
★★★★★
Sara Kim of BlairKim is a great attorney. I had never before had representation or dealt with the legal system and she made it very easy for me. She converted the legalese into laymans terms for me and helped me to understand the steps of the process. When I hesitated on certain decisions, Sara gave me the confidence and encouragement to proceed – especially since it was most beneficial to me in the long run. Sara is very straightforward and professional while also being personable and pleasant to deal with. Tamara
★★★★★
Sara Kim was the perfect lawyer for our situation. We were determined not to involve the courts in our divorce. Within the first 30 minutes of consultation, Sara proposed an equitable formula for division of property which we used to negotiate an agreement that felt fair to both of us. Our flat fee arrangement with Sara covered the filing of paperwork which alleviated much pressure for us during a very stressful time. I highly recommend Sara for her flexibility, professionalism, and efficiency. Carrie