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.
-
5 out of 5. Jackie and the team were patient and understanding throughout the entire process. Jackie was always available for questions and concerns. She is very knowledgeable and offers great guidance.- Virginia L.
-
- 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.
-
Lauren was extremely attentive and helpful. She helped make a difficult situation for me go smooth and I never worried for a minute that everything would be taken care of. I highly recommend Lauren and her team!- Melanie
-
My legal matters were challenging. The team at Coker, Robb & Cannon, Family Lawyers was compassionate, they took the time to listen, and helped guide me through the process. I would definitely recommend.- Anne L.
-
They made my divorce easy even in a difficult situation. I was stressed but they handled everything professionally and fast. I’m so grateful to the team. If you need a simple divorce they are the perfect choice.
-
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
-
- Aekta A.
I’m not sure what your family law needs are, but I am sure that Coker, Robb & Cannon can help you. And if you’re looking for a divorce lawyer that won’t add to the stress and anxiety of the situation, then definitely go with Shelby Hart, I couldn’t be more grateful for how he helped me.
I reached out online, and they got back to me the same day. I think it was Rachel that reached out and interviewed me and after discussing my situation she paired me with Shelby, who was also a new parent, and that was amazing! I don’t know if this is standard practice, but it should be. It should also be mentioned that Rachel worked with me throughout the process: on my case as a paralegal, to help me schedule time and figure out documents, and she was incredibly kind, patient and thoughtful in every interaction.
Shelby was invaluable, in that he not only made me feel less stressed out about getting divorced, he also gave me advice on what the different outcomes would be depending on the path I chose. He helped me negotiate a decree that would not only be in the best interest of my child and myself, but one that would stand up in court. His advice kept me grounded, and he tailored his approach to my now ex-husband perfectly. That may not seem important on the surface, but when you are living with the person you are divorcing, it makes a huge difference in your day-to-day life and interactions with that person.
I was fully divorced within 3 months of contacting Coker, Rob & Cannon, and I plan on using them for my will and any other family law needs I may have in the future. Shelby, sincerely, I appreciate everything you did and cannot thank you enough.
-
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
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?
-
Video Consultations & Meetings Available
-
Voted Best Family Law Firm & Best Law Firm in Denton County
-
Working Hard to Achieve the Best Results Possible
-
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!
