Marital Debt Attorney in York, PA
While dividing property gets a lot of attention when going through a divorce, what happens to your debts? Will you be held responsible for paying a debt your former spouse owes?
Marital debt is all debts incurred during the marriage. Pennsylvania courts divide these debts in the same way they divide marital assets — using equitable distribution.
It’s important to protect yourself, your assets and your future financial stability. Reach out to MPL Law Firm to understand the implications of marital debt and for legal guidance on how to negotiate a divorce debt settlement.
Understanding Marital Property and Marital Debt in Pennsylvania
Most people assume that a debt will go to the person who incurred it. Yet, that is not necessarily the case in our commonwealth.
Under Pennsylvania law, marital property consists of all assets that either spouse acquires during a marriage and before the date of separation. The same legal concept applies to any debt that you or your spouse accumulated during the marriage. It doesn’t matter whose name the debt is in.
This could include:
- Credit card balances
- Mortgages
- Car loans
- Personal loans
- Home equity loans
- Medical bills
- Student debt
- Tax obligations
- Judgments
Pennsylvania is an equitable distribution state, which means the courts will divide all these marital debts fairly and equitably. This doesn’t necessarily mean the spouses will share the debt obligation on a 50/50 basis. It’s possible that one party could end up liable for a larger portion of the debt than the other.
How Is Marital Debt Divided?
The courts look at each divorce situation on a case-by-case basis when dividing the marital debt. The judge will review a listing of all the debts and assign them, one at a time, to the spouses in the most equitable manner.
Factors the judge will consider when dividing the debts include but are not limited to:
- Income of each spouse
- Duration of the marriage
- Standard of living established during the union
- Spouses’ age
It’s possible, for example, that a spouse with a significantly higher income than the other could take on a larger proportional share of the debt load.
How MPL Law Can Help With Marital Debt
Divorce proceedings grow more complex when debts are a significant part of the marital equation. In these situations, a knowledgeable marital debt lawyer is particularly valuable.
When you choose MPL Law, our main objective is to provide legal counsel, representation and guidance, working with our clients to find a favorable solution for the division of marital debts.
As we proceed through the divorce process, we offer the following services related to marital debt:
- Assessing both parties’ financial situations, including all debts
- Identifying which debts would be considered marital debts versus separate debts
- Uncovering any concealed financial facts that could influence the case, such as hidden debts
- Protecting our client’s interest by pursuing a debt division arrangement that is as favorable as possible
- Crafting divorce decree language to clearly outline who is responsible for which debt
- Taking legal action once the divorce decree is in place to protect our client’s financial interests
Negotiating a Divorce Debt Settlement
You and your spouse can avoid the process of having the courts divide the debt by attempting to negotiate a settlement. If you’re not on good terms with your partner or cannot reach an agreement on the division of the debt, your marital debt attorney at MPL Law can work with the other party’s lawyer to manage the task.
Any agreement should be memorialized in writing so it can become part of the final divorce settlement agreement.
Some couples choose to enter into a prenuptial or postnuptial agreement, which are legal contracts that stipulate how assets and debts will be divided in the event of a divorce. The former takes place before the marriage, while the latter occurs at some point during the marriage. The existence of either document can eliminate the need for a judge to determine the division of marital debt during divorce proceedings.
Why Trust Us as Your Marital Debt Lawyer?
Navigating divorce debt can be challenging and complex. An experienced marital debt lawyer by your side can make this process less stressful and more manageable. We take the time to listen to your unique situation and expectations so we can provide you with peace of mind during this challenging life transition.
We also prioritize honesty, offering straightforward legal advice that’s easily understood. As we discuss your options, we set realistic goals while pursuing the best possible outcomes to settle your marital debt.
Contact MPL Law Firm to Learn More
MPL Law Firm can assist you with any divorce situation in York, PA, including negotiating a settlement for the division of marital debt. We’ll work closely with you to help you achieve the most desirable outcome for your unique situation. Contact us to discuss your legal needs.