Debt Is Subject to Equitable Distribution
People heading into divorce are often so concerned about getting a fair deal in their property settlement that they overlook the other half of the equation: marital debt. In Missouri and Illinois, all debt is subject to characterization as separate property or marital property. Spouses that bring debt into the marriage are likely to have the debt characterized as separate property and assigned to the indebted spouse.
Any portion of the debt that can be shown to have increased during the marriage because of joint decisions made by the spouses may be subject to partitioning. In that case, the increased amount of the debt may be characterized as commingled and therefore marital property.
Stange Law Firm, PC, has substantial experience representing clients with high net worth who have much to lose in their property division settlements. If your debt, including business, mortgage or credit debt is a primary concern in your pending divorce, get experienced legal help.
To learn more about marital debt, you can read this article: Missouri: Equitable division and what it means for marital debts.
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Do you have questions about dividing marital debt in divorce? To learn how an understanding of the exceptions and complications of marital property characterization can benefit you, contact us online. Our insightful lawyers can discuss all options with you, including whether you should consider filing for bankruptcy before filing for divorce.
Our law firm has convenient office locations throughout the area in the Midwest in cities such as St. Louis, Kansas City, Columbia, Springfield and beyond.