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Debt separation in Virginia divorces

On Behalf of | Jun 30, 2015 | Divorce

In every divorce, the couple’s marital assets will be divided, either in a negotiated agreement that is approved by the court or by the court itself. This process will also include their marital debts. Different types of debt are divided in different ways. Credit card obligations, for instance, will in most cases belong to the person whose name is on the account. If both parties are on the account, they each may be responsible for a portion of the debt.

The court considers many factors when determining whether to divide medical expenses. One main factor is whether the debt was due to a “necessary care” procedure. The court will also examine when the debt was acquired and whether the couple were legally separated at that time. Finally, it will determine how the debt might impact the couple’s children.

In the case of a marital home, the court will use a number of factors to determine who is responsible for the mortgage. The court will often give the house, and thus the responsibility for the mortgage, to a parent who is given sole or primary physical custody of the children. If this is not the case, the court will normally find that the party with significantly higher income is responsible for the mortgage. The person who receives the house will often need to buy out the other party’s interest in the property. As an alternative, the couple could simply sell the property to cover the mortgage and then divide the remaining equity.

The property division process in any divorce can become complicated. An attorney could assist a divorcing spouse by explaining what factors the court may consider and advising as to how to proceed.