When it comes time for a divorcing couple to discuss how the parties will separate their shared assets it can be hard for individuals to let go of certain items they do not want to see in the hands of their exes. Whether it is the family home, a vacation property, or another asset of value that causes strife during property settlement negotiations, Texas residents fight hard for the things they want to keep after their divorces are finalized.
However, not many individuals fight to retain the debts that they accrued during their marriages. Like assets, liabilities must be divided up by individuals so that creditors are still paid despite the demise of the borrowers’ martial relationship. Similarly, credit-based accounts should be managed or closed to ensure that the parties cannot harm each other’s credit through the use or misuse of shared post-marital accounts.
Imagine, for example, that a couple failed to close its shared credit card after its divorce was finalized. If the former wife ran up a large bill on the account and failed to pay it, if her ex-husband was still listed as a card holder he could be pursued for payment on the outstanding debt.
Property covers many items of personal and real estate value. However, it also covers the debts, loans, and other obligations that most people carry with them to live the lives they want. Getting a fair property settlement during one’s divorce should be the goal of all individuals and the guidance and support of a trusted family law attorney can be an asset to anyone who is concerned about preserving their post-marital wealth.