When navigating a divorce, one of the most controversial issues to resolve is the division of your marital property and assets. However, this property does not only encompass your marital assets, but also your debts. Often, divorcing spouses cannot reach an amicable agreement on how debts should be divided after the marriage is dissolved. If you are facing divorce in Texas, it is essential to seek the representation of a dependable divorce attorney to protect your rights, interests, and financial future.
The trusted attorneys at Stepp & Sullivan understand how challenging and emotional the division of debts can be. Our property division lawyers are committed to supporting you during this difficult time while fighting aggressively to achieve your goals. We have over 47 years of combined experience helping our clients in Texas, and we are ready to apply our extensive knowledge and skills to your case.
How Do Texas Courts Determine Which Debts Should Be Divided?
In a Texas divorce, there is the concept of separate property and community property. In most cases, separate property refers to anything acquired before the marriage, and community property is any property gained during the marriage, including debts. Some common types of debts that fall under community property include the following:
- Credit card debt
- Car loans
- Student loans
- Medical debt
- Personal loans
Because Texas is a community property state, any debts acquired during the marriage may not necessarily be distributed to the spouse who incurred them. Under Texas law, both spouses may bear equal responsibility for marital debts, even if one acquired a debt behind the other’s back. A skilled divorce attorney can investigate your case and uncover all community debts, even those your spouse may have hidden.
Legal Options for Dividing Debt in a Texas Divorce
Just like no two marriages are exactly alike, there is no one-size-fits-all approach to dividing debts in a Texas divorce. The division of debt comes down to the unique circumstances surrounding your marriage, the amount of debt incurred, and the total value of each spouse’s separate and community property. Fortunately, there are several different strategies to divide debt after a divorce. Some common options in Texas include the following:
- The spouse who takes on more marital debts can also be awarded more community assets.
- The spouses can work together and agree to sell some of their assets to reduce the debt.
- The spouses can split the debt evenly.
Each option has significant benefits and drawbacks, and your choice depends largely on your unique situation. A skilled divorce attorney can review every detail of your case and advise you on the best path to pursue to protect your assets and financial future.
Contact a First-Class Divorce Attorney at Stepp & Sullivan
The trusted divorce attorneys at Stepp & Sullivan understand that every divorce is different and has complexities and challenges. We take a meticulous and individualized approach to every case to help ensure our clients achieve favorable outcomes. Our attorneys have extensive experience helping clients evaluate their options and crafting strategies to protect their rights and interests.
When we take your case, we can become an aggressive advocate as we fight for a fair and just settlement on your behalf. To learn more about how our seasoned divorce attorneys can help you defend your financial future, schedule a free consultation today by calling (713) 677-2635 or completing our contact form.