While most people are aware of the division of marital assets in a Texas divorce, few people consider that the debts the couple has accrued during the marriage must also be divided. Reaching a fair debt division agreement can be extremely difficult since many different factors must be considered in the process.
When developing a debt division plan, it is important to take a comprehensive approach that considers both current and future implications. Your ability to pay the debt, tax consequences, how long you would need to make payments, whether the debt was joint or separate, and many other issues should all be discussed before negotiations even begin. In the end, our only concern is obtaining a settlement that is fair and serves your best interests above all else.
We have helped clients negotiate and litigate debt division plans involving all types of debt, including:
- Home mortgages
- Auto loans
- Credit card debt
- Medical bills
- Income tax debt
- Student loans
Understandably, the matter of debt division can quickly become overwhelming for people who do not understand the law surrounding the process. Our attorneys take the time to explain the issues involved in dividing marital debt and work with you to develop a customized plan designed to put you in the best possible situation following the divorce.