What to Do with Debts in Case of a Divorce?

Divorces are never easy; the amount of emotional and financial exertion a couple faces during a divorce is unimaginable.  Hence, divorces need to be handled with caution and care. So, if you’ve recently filed for divorce in Toronto, it’s advisable that you have the best divorce lawyer Toronto at hand.

Why? Not just for emotional support and proper guidance, but divorces bring about a horde of issues. The main one being the pile of debts accumulated during the marriage and what to do with them.

Property divisions, financial debts, credit, and other bills etc. can lead to major discrepancies between couples that lead to ugly confrontations and accusations breaking one’s morale and spirit. Hence, this article will talk about how to sort and pile up marriage debts during a divorce.
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  1. Decide which debt to pay first and who pays it

You’ll need the best divorce lawyer Toronto for guiding you on this one. First, let your lawyer hear out the case, and determine which party pays certain debts. The best lawyer will be unbiased and help each party understand which debt they need to cover.

The lawyer will then help prioritize which debts to pay when and which are the priority ones. Depending on the financial earnings of each party, the lawyer will then announce who has to pay what.

  1. Dealing with joint debts

When it comes to joint bank debts and loans, each party is advised to pay the whole amount by breaking it up.  Now, in case you can’t pay the whole amount, negotiate with each other to reduce the payment and request him/her to pay your part. You can later repay your ex when required. Further, in case of ugly accusations when it comes to joint bank accounts, put a barrier in the account to prevent your ex from running up extra debts.

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However, don’t go about this alone, and ensure that you take the advice of the best divorce lawyer Toronto to prevent being duped.

Now, if all runs smoothly then you won’t have a problem with paying off the marriage debts after divorce. However, as divorces are often messy, they can be issued partner not cooperating.

So, in case your partner refuses to cooperate, either it can be because his/her financial situation changed or because the divorce is ugly. In that case, let your lawyer guide you for launching necessary complaints to prevent being overtaxed during the divorce procedure.

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Moving on, When Does the Partner Not Have to Pay the Marriage Debts?

Let’s say your partner doesn’t have the finances or sources to pay off the marital debts. In that case, the creditors and debtors will come to you for repayment. Now, at this stage, it’s wise to have the best divorce lawyer Toronto to help you safeguard your legal rights. You divorce lawyer might advise you to apply a petition to the court for enforcing your divorce settlement.

This will compel your ex to come to court and explain why he/she can’t repay the debts. However, remember it’s wise to pay off all the debts before your divorce settlement to ensure the process runs smoothly later on.

So, in case you haven’t contacted the best divorce lawyer Toronto, do it today, to ensure the protection of your rights during your divorce.

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