How Is Debt Divided in a Divorce in Wisconsin?
When you and your spouse are considering a divorce, you may have already discussed how you’re going to split up your property. You may have already focused on acting fairly, splitting the value of your assets as evenly as possible.
However, how is debt divided in a divorce in Wisconsin? Unfortunately, that may not be so clear and easy, especially if one spouse was involved in something that the other wasn’t. As such, you may need a lawyer from Karp & Iancu, S.C. to help. We understand that dividing debt can be confusing, so we’ll help you determine how to split your debts fairly.
Marital Debt Should Be Split
When you’re in a marriage, the property and assets you gain during that marriage are typically communal. That means that if your spouse buys a car during the course of your marriage, that vehicle is typically also yours.
Generally, the same idea applies to debts. When you’re married, any debt that you received during the marriage is the responsibility of both partners. As such, you and your attorney may focus on splitting those debts evenly and ensuring both sides are left with an equal amount.
Your Personal Debts
However, not all your debt may have been gained during the marriage. Some debts may have been gained before your marriage or after your separation. Because these debts weren’t gained in the constraints of the marriage, they may be treated differently than marital debt.
When there are debts for only one spouse, or if you believe some of the debts you’re reviewing shouldn’t apply to you, you may need a Wisconsin lawyer to help you determine who’s responsible for each debt and how to allocate these fairly.
Divide Your Debt Fairly with an Attorney’s Help
When you’re seeking out a divorce, you’ll need to make sure you’re getting the fair amount of assets and debts for your case. You don’t want to be left in debt that you didn’t sign up for, so you’ll need help ensuring you’re only dealing with your fair share of debt.
At Karp & Iancu, S.C., we know divorce and money are some of the most challenging things to work through and talk about, so we’ll help you through the process and do what’s possible to help you avoid debts you shouldn’t have to face. But you’ll need to reach out to us for your case to get started and get your debt- and divorce-related questions answered.
To begin, reach out to your Wisconsin attorney for help calculating your debt division and navigating your divorce. To begin, reach out by calling 414-453-0800 or by completing the online form below.