Proper Division Of Marital Debt In Divorce
Property division doesn’t involve just assets. In an equitable property state like Ohio, debts must also be divided. At Sowald Sowald Anderson Hawley & Johnson, we work just as hard to protect your interests on the debit side as we do with your positive accounts and properties.
The primary question is: Who does this debt belong to? The answer is: All debts acquired during the marriage (marital debts) belong equally to both parties. So, it is necessary to assess all debts to determine who took on the debt or who is receiving the assets for which the debt is owed.
Illustration: If a car is awarded to one side in the divorce, that party will be accountable for any money still owed on the vehicle.
Debts are to be distributed equally unless it can be shown that one side accumulated debt recklessly. Equitable distribution means property and debt may not simply be divided down the middle. The court will want to see that the division is just and that neither side is saddled with debt they are not able to pay.
Our lawyers have the skill and the assertive approach to argue your position on this division, ensuring that it is done properly and fairly.
Get Answers To Your Questions About Marital Debt
Family law conducted respectfully — talk to the divorce lawyers at Sowald Sowald Anderson Hawley & Johnson of Columbus, Ohio. Contact us at 614-556-4231. Our attorneys can help you obtain fair debt division in your divorce.