Debt Division Attorneys in Denton County, Collin County, & Tarrant County
Gain Counsel from Board Certified Family Lawyers
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
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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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
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Coker, Robb & Cannon, Family Lawyers helped us with our first Will document 15 years ago and helped us to update it recently. We were leaving the country and needed the documents done quickly. They asked all the important questions and completed the documents in a timely manner. We would trust Coker, Robb, & Cannon with all of our family concerns.- Laura
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I hired Jackie Cannon for my divorce and I’m so so thankful to God for sending her my way. I met with so many lawyers regarding my divorce case and child custody but nobody ever explained like Jackie did. She was patient, explained everything in detail, took her time with me always and never rushed me. Her paralegal Holly Keen, I would say the best too because every time I had a question I would email holly and Jackie and I would get a response from them both right away. I would definitely recommend Jackie, Holly and Lauren.- Marium
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I was more than taken care of by this law firm. My attorney Shelby Hart believed in my case since day one. My situation was far from easy, I was trying to move out of state with my son to start a family with my husband. His father wanted to restrict me to the county I currently lived it. I was turned away by another attorney because she said there was no way I had a chance. But when I called Shelby he was nothing but uplifting, positive, and honest about the risk and chances but was reassuring of my chance and possibilities. He never gave up and found all kinds of ways to make this happen for me. He was always keeping me informed and allowed me to make any and all final decisions. Ashley Leverett, his parallel was always so helpful and on top of everything. She was also very sympathetic with me and gave good advice as well has helped me along the way with getting all my documents together. Even down to billing and payments, Georgia was always pleasant to work with on arranging and making my payments as well as answering any questions I had. Shelby, Ashley, and I won the case and I am completely moved in with my husband, son and newest member on the way! We are so happy and grateful for all the help we got at Coker!- Piper S.
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I'm honestly not even sure where to start. I had previously dealt with 4 other attorneys in various matters regarding custody of my son over the last several years which cost me a good deal of money and left me very disillusioned, and then I found Anthony Pax at Coker, Robb, and Cannon. I was in the fight of my life and losing would have meant that my son would be going to live overseas with his mother. Anthony Pax and Holly Keen did an amazing job, and while I dont think I would necessarily use the word "happy" to describe my feelings, and I hope (albeit probably in vain) to never see the inside of a courtroom again, I wouldnt want anyone but Anthony on my side.- Shannon R.
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I recently went through a divorce and Shelby was fantastic throughout the entire process. He helped to make it as smooth and efficient as possible. His entire team was also helpful whenever needed. I can't thank them enough for helping during that period of time.- Adam
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Ashley was very courteous and professional handling my case & I would recommend this law firm to my family or friends.- Larry
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- Megan H.
When I first contacted this firm, I was unsure. I was unsure on many things. I had a set of unique circumstances where I needed to seek a change for the safety of my son but due to something that is somewhat new territory. Shelby was upfront w/ me about both the positive & the negative possible outcomes but let me tell you – Shelby (and Rachel) fought for us.
There was NOT one moment in time that I felt ignored, dismissed or unimportant; Moreover, I have severe, high anxiety & rather than punish me for it, Shelby & Rachel were understanding, comforting, logical & proactive EVERY STEP of the way. It was like I showed up, threw everything I had on a table while being a sobbing mess – they looked at every piece, held my hand & told me it would be okay. The entire system is long & draining but when we got to our trial date, Shelby was ON FIRE. My faith in him never waivered but that day in court, when we were finally through, I could’ve flown. Shelby (of course w/ the help of his right hand, Rachel!) was absolutely in his element & he stood up for us in all the ways my spirit needed to protect my son. I have shed more tears than I will EVER admit during the entire process but even during my madness, Shelby & Rachel were kind, uplifting & our WARRIORS in the courtroom.
When I did my phone set up for a consultation, I told them I needed someone aggressive. When you first talk with them, they are so sweet! You’ll think: okay, these are not aggressive or mean people – BUT when the time comes, you can bet your bottom dollar they GO TO WORK. I cannot thank Shelby & Rachel enough for the things they’ve helped my son & I with. They have kept my son SAFE!!!! There aren’t enough descriptive words in our vocabulary to accurately portray what they mean to me. If you want a damn good team – YOU WANT THEM. Thank you Shelby & Rachel! Dax & I love yall!!
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
Call (940) 293-2313 for the Professional Guidance You Need
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 Denton, Collin, and Tarrant County family lawyers. Call (940) 293-2313 to get started!
