One of the big stress factors in a marriage is money; or the lack of it. Unfortunately this is often the case with a young married couple that did not think through the ramifications of their decision. Often the couple believes that to end their financial problems they should seek a divorce. You can bet that each spouse is of the opinion that the financial problems are not theirs; they are more likely to place the blame on their spouse. This may very well be true, but regardless of who owns the problem, divorce attorneys in Houston Texas can end the marriage but they can’t end the debts that are left.
Shared responsibility:
During the time that a couple is married they share responsibility for their debts. During the settlement they can divide the debts anyway they wish; some debts go to one spouse and some to the other. The division of debt is between the parties and has nothing to do with the creditor; the creditor is not bound to any arrangement made during the divorce. What this really means is; if your spouse fails to meet his or her part of the agreement and fails to pay their debt, the creditor can come after you for payment. If, after the divorce is finalized, your spouse decides to declare bankruptcy the creditors will come after you. If it was money that drove you divorce in the first place chances are you will not be able to pay and you too will file for bankruptcy.
For many couples, before seeing their divorce attorneys in Houston Texas they file for bankruptcy. Bankruptcy can eliminate a great deal of debt but it has no impact on court ordered child support or spousal support payments, these obligations remain after bankruptcy has been declared.
There are issues that impact a divorce that are often not thought about by the couple. Divorce attorneys in Houston Texas are in the best position to guide you throughout the proceedings. You are invited to discuss your situation with Trey Yates Law.
