Dealing with Debt After an Oklahoma Divorce

Dealing with Debt After an Oklahoma Divorce

The one major financial burden people try to get rid of during a divorce proceeding is debt. If a couple cannot negotiate who should pay which debts they owe, a court judge will ultimately decide which debts are to be paid by whom. Hiring a divorce lawyer can increase your chances of avoiding the bad end of the deal, and understanding the legal process of divvying up debts after a divorce can also help you be aware of unfair compromises.

Dividing up Your Debts

When a couple is going through a divorce and cannot decide how they should divide the debt, the case will be taken to trial. A judge will examine both sides and determine how much each partner will pay after the divorce has been legally finalized. However, some couples are able to decide this without the need for a trial.

In some instances, the debt is evenly divided, but in others, one partner may have to pay a larger portion. If the circumstances are right, a family lawyer may be able to help you avoid paying a larger debt than necessary.

Oklahoma Debt Laws

In Oklahoma, there is no community property debt and the court can divide up a couple’s debts Dealing with Debt After an Oklahoma Divorceand property based on what they deem fair. A property may be taken away from you during a divorce case, regardless of whether your name was originally attached to that property or not. If you and your spouse are also indecisive about what objects each of you should own, a court can ultimately decide who gets the car, furniture, savings, and other belongings.

However, separate property will be returned to the original owner; this means the property you owned before marriage or property you were given as a gift or inheritance.

Ways to Handle Debt

The scariest thing about owing debt is that debt creditors will not care that you recently went through a divorce. Whatever agreement you made with your creditor will remain that way after the divorce is complete. Your spouse may be required to pay back a debt, but if that debt is still in your name, you are technically responsible for that debt being paid, even if your spouse fails to make a payment. This means your credit could be damaged if your spouse does not fulfill their end of the deal.

However, this can be prevented in court. You can file a lawsuit against your former spouse, with help from a divorce lawyer, if your spouse refuses to make debt payments on time.

Where to Find an Oklahoma Divorce Lawyer

If you feel uncertain about going through with a divorce due to concerns about financial decisions, then try talking with your local divorce lawyer about who will be able to represent you in court. To talk to a family lawyer, contact the Putnam Law Office at (405)-849-9149 for consultation. Mr. Putnam is an Oklahoma City, OK attorney who puts clients first and will work with you to defend your rights.

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