Debt Division Attorneys in Denton County, Collin County, & Tarrant County
Assisting Clients With Debt Division Matters in Texas
Property division is one of the most complex areas of divorce and family law, and it becomes even more complicated when debts are involved. Who is required to pay for which debts? How does that affect the property division process? These are questions that we can help you address. Our team of debt division attorneys at Coker, Robb & Cannon, Family Lawyers have more than 110 years of combined experience that we can put to work for you. We offer financing to help with retainer fees. Click here to see your options.
Protect Your Financial Interests
Crafting a well-structured debt division arrangement is essential, as it can have a significant effect on your ability to maintain financial stability. The process of debt division is often subject to a variety of mistakes that can be costly and result in one or both parties being trapped into financial ruin. Therefore, it is crucial to have an attorney with the skill and meticulousness to thoroughly analyze and organize your debts and assets.
Things to keep in mind throughout the debt division include:
- While debt division orders assign the debt to one party or the other, they do not have any effect on creditor collections, meaning you may still be harassed for debts that an ex-spouse is responsible for
- Debt arrangements should ideally be crafted according to the ownership of the asset associated with the debt and when it was accrued
Call Coker, Robb & Cannon, Family Lawyers today at (940) 293-2313 or contact us online to schedule a consultation with our debt division lawyer in Denton, Collin, & Tarrant Counties.
We have helped families just like yours through all types of divorce and family law-related matters. Find out how one of our Board-Certified Family Law Specialists can help you.
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Malorie and Toya thank you from the bottom of my heart for all the time spent and hard work you put into getting my case resolved. I will never be able to put into words how thankful I was and still am to have had y'all by my side!! If you are looking for someone to represent you I highly recommend Malorie Crosley!! She is truly amazing.- Patrice C.
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This was not the first time that I worked with Coker, Robb & Cannon, but it was my first time to work with Anthony (TJ). He took my case very seriously. He researched all of my previous files and took into consideration everything that had happened since my case had previously been mediated. TJ was always quick to respond and he kept the process moving in a positive direction to work things out for the best interest of me and my children. I am thankful for his help and Holly Keen's help. I will continue to use them as I need to and will refer any/all of my family and friends to this firm, particularly TJ for any help that they need.- Kevin
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I worked with Malorie Amalia Crosley on writing up a pre-nuptial agreement, and she was swift and put into writing everything I needed to be done. I appreciated the consultation and the help she provided me when I needed it. I would recommend her as a lawyer as she did everything I needed to be done promptly for a reasonable cost.- Leroy
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Having Malorie by my side gave me the confidence and assurance I desperately needed during the most difficult and chaotic time in my life. She, and her team, were always available to thoroughly answer my constant questions, and in language I could understand. They always made me felt “seen” during the numerous times situations turned emotional, while at the same time, reassured by their calming expertise on a path forward. Time after time, that expertise was challenged, and without fail, was found to be correct. They proved to me that I could trust them to always tell me the correct, and up-to-date information on matters they are experts in, and just as importantly, when to seek different counsel on matters they are not. I truly cannot express how much I appreciate all Malorie and her team did for me. So, if you find yourself in a situation where you need someone to be your champion, please call them and see for yourself. I am so glad I did.- Russ
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- Tammy V.
It was a pleasure working with Attorney Sheba George. She was diligent and thorough with each detail on an update of a name change. You can count on her to get the job right.
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Thank you Lauren and team for the professionalism, diligence, and promptness with handling my divorce. Made a tough process much easier.- Alex
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- Miriam M.
Thank you Mr.Hart for your help. He and his team had great communication. Answered all questions I had and at the end, I was very pleased with my result in my case. I definitely Recommend you use this Law firm.
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Mr. Pax did an excellent job with my divorce from the consult to final disposition. He made the process easier than I expected, since I was moving during the divorce process. He always had time to answer questions and set appropriate expectations. He and the staff worked around my sometimes odd schedule to get things done. I found everyone I interacted with to be friendly, professional and courteous. I would recommend them to anyone else needing a divorce attorney.- Patricia
What is Debt Division?
"Debt division" in Texas typically refers to the process of dividing debts between spouses during a divorce. In a divorce, assets and liabilities must be fairly distributed between the two parties. Debt division involves allocating the responsibility for paying off various debts accrued during the marriage.
Texas follows community property laws, which means that marital assets and debts are generally considered to be jointly owned by both spouses, regardless of which spouse incurred the debt. However, the division of debt can vary based on several factors, including the specific circumstances of the marriage and the court's decision.
Common types of debt that can be subject to division in a Texas divorce include:
- Credit Card Debt: This includes any credit card balances accrued by either spouse during the marriage.
- Mortgage Debt: If the couple owns a home with a mortgage, the outstanding mortgage balance may need to be divided.
- Auto Loans: Any loans taken out to finance the purchase of vehicles during the marriage are typically considered marital debt.
- Personal Loans: Debt from personal loans, including loans from family and friends, may also be subject to division.
- Student Loans: Student loans acquired during the marriage can be divided, though certain factors may influence the allocation.
- Medical Debt: Any medical expenses incurred during the marriage may be subject to division.
- Business Debts: If either spouse owns a business, the debts associated with the business may be included in the division of assets and liabilities.
- Tax Debts: Unpaid taxes or tax liabilities accrued during the marriage may also need to be divided.
- Home Equity Loans: If the couple took out home equity loans or lines of credit, the outstanding balance may be divided.
- Other Consumer Debts: This can include other types of loans or debts, such as personal lines of credit, payday loans, and more.
The division of these debts in a Texas divorce will depend on various factors, including the financial circumstances of each spouse, the court's determination of what is "just and right" in the particular case, and any prenuptial agreements that may be in place. The court may also consider factors such as the earning capacity of each spouse, the nature of the debt, and who benefited from the debt.
Debt Division Options in Texas
In Texas, debt division during divorce offers several options for dividing marital debts, with the aim of achieving an equitable distribution. The specific approach to debt division may vary depending on the circumstances of the divorce and the preferences of the spouses.
Here are the common debt division options in Texas:
- Negotiated Agreement: Spouses have the option to negotiate and agree on how to divide their marital debts. This is often the most preferable option, as it allows the couple to maintain control over the outcome. They can work together to determine who will be responsible for which debts. The negotiated agreement is typically documented in a Marital Settlement Agreement (MSA), which the court will review and, if it deems the agreement fair, approve as part of the divorce decree.
- Mediation: Mediation involves a neutral third party (the mediator) who assists the spouses in reaching a mutually acceptable agreement regarding debt division. Mediation can be an effective way to resolve disputes and reach a fair compromise outside of court.
- Collaborative Divorce: In a collaborative divorce, both spouses and their attorneys commit to resolving the divorce issues, including debt division, through cooperative, non-adversarial means. This approach often involves financial professionals who can help with the equitable distribution of debts.
- Arbitration: Arbitration is an alternative to court litigation in which an arbitrator (a neutral third party) hears the arguments from both spouses and makes a binding decision regarding debt division. While this can be a quicker and more private option than going to court, the decision is typically final.
- Court Decision: If spouses cannot agree on how to divide their debts, the court will step in and make a decision for them. The court will consider various factors, including the financial situation of each spouse, earning capacity, the nature of the debts, and who benefited from the debts.
- Bankruptcy: In some cases, one or both spouses may choose to file for bankruptcy before, during, or after the divorce. Bankruptcy can discharge certain debts, which may affect how they are divided in the divorce.
It is important to note that regardless of the chosen option for debt division, the court will always review the final agreement or court-ordered division to ensure that it is just and fair. The court's primary goal is to ensure that debts are divided in a manner that is equitable and reasonable based on the specific circumstances of the divorce. Our experienced legal team at Coker, Robb & Cannon, Family Lawyers can help you navigate the debt division process and protect your rights and best interests from start to finish.
Why Choose Coker, Robb & Cannon, Family Lawyers?
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Video Consultations & Meetings Available
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Voted Best Family Law Firm & Best Law Firm in Denton County
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Working Hard to Achieve the Best Results Possible
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Deeply Committed to Listening & Helping You
Contact Our Debt Division Lawyer in Denton, Collin, & Tarrant Counties Today
Divorce is a highly-emotional and stressful process, which makes handling such complicated financial matters even more difficult. When you have Coker, Robb & Cannon, Family Lawyers on your side, you can trust that your interests will be protected and your needs met. We can be your advocate every step of the way.
Contact us today to begin discussing your legal needs with our debt division attorney in Denton, Collin, and Tarrant County. Call (940) 293-2313 to get started!
