Almost everyone in Georgia knows that when a couple divorces, they have to split their property and money. Marital roperty must be split “equitably” either by assigning ownership or splitting the proceeds of a sale. The definition of “equitable,” of course, is often the subject of considerable debate, as is the definition of what is “marital property” as opposed to what is owned separately by the spouses.
As if the division of assets and property weren’t enough for a divorcing couple to deal with, as the economy continues to tank and individuals are losing their jobs or having to take pay cuts, divorcing couples often find another thing must be split during their GA divorce: debt. In fact, the division of debt has become one of the most contentious issues in recent Georgia divorce cases.
Generally, only “marital debt” is divided in a GA divorce; debt incurred before the marriage does not get re-assigned. So, that car loan you have for the car you bought when you were still single is still yours. But the joint credit card, the home equity loan, and the mortgage have to be dealt with jointly between you and your spouse. The piper must be paid, no matter your marriage status. Additionally, one or both spouses will likely have additional debt after the divorce in the form of alimony payments and/or child support.
Couples generally have three options for dealing with debts in divorce. First, the couple could pay the debts off before the divorce is finalized. While it takes more money up front, it does allow for both parties to have a “clean break” when the divorce is finalized. The second option is for both parties to continue to jointly pay the debt as they did before they decided to get divorced. This option might be financially easier for some couples, but your finances will still be intertwined with your ex for years or even decades after the divorce is finalized. The third option is for the debt to be split, where one person is solely responsible for a certain percentage and the other person is responsible for the rest. Of course the main hazard with this option is that if both spouses signed for the debt but only one spouse is responsible for paying it, if something should happen and that spouse is late in making their payments (or unable to make them at all) the other spouse’s credit will suffer. Even more, if a credit is not paid and both spouse’s have signed for a loan, that creditor may have the right to sue, garnish your wages, garnish your property, or more!
If either of these three options do not work, a combination of them may fit better. Of course the option that is right for you will depend on your unique financial situation as well as the finances of your spouse. In any scenario, a divorce is difficult enough, but divorcing couples who are in debt will no doubt face significantly more obstacles and hardships, and an experienced Georgia divorce lawyer will be able to advise you on what your best course is for your unique situation
Joseph Woodard is a Georgia divorce attorney. He has authored articles on GA alimony payments, GA child custody and child support, the division of assets and debt in a Georgia divorce, and more. Visit our Atlanta and Athens divorce law firm site for more information.
Related Videos :
- Money As Debt 1 what money is why we are bankers slaves
Money As Debt 1: what money is & why we are bankers' slaves Summary of 9/11 scepticism: outsidethebluepillcave.blogspot.com #1 For a full list of doubters: patriotsquestion911.com Military leaders questioning the OCT: georgewashington.blogspot.com CIA veterans doubting: www.opednews.com Engineers & architects doubting: www.ae911truth.org Physicists doubting: physics911.net Pilots doubting: www.pilotsfor911truth.org High-level officials doubting: 911proof.com In arecent Zogby International poll (September 06, view video » - Money As Debt 1 of 5
Paul Grignon' s 47-minute animated presentation of “Money as Debt” tells in very simple and effective graphic terms what money is and how it is being created. It is an entertaining way to get the message out. The Cowichan Citizens Coalition and its “Duncan Initiative” received high praise from those who previewed it. I recommend it as view video » - Steely Dan Haitian Divorce
This is a videoclipe i' ve made for this Steely Dan song. This is mine visual ideia of the words and music by Fagen/Becker. The images came from public domain images of burlesque' s dancers from the 50' s. Hope you enjoy. Here' s the lyrics for the song: Babs and clean willie were in view video » - Fidelity Don t Divorce by Courage Campaign w Regina Spektor
“Fidelity”: Don' t Divorce. (by Courage Campaign w/ Regina Spektor) www.couragecampaign.org Ken Starr, who led the campaign to impeach President Bill Clinton, filed a legal brief last month — on behalf of the “Yes on 8″ campaign — that would forcibly divorce 18000 same-sex couples that were married in California last year before the passage of Prop 8. view video »
Related News :
- Firm That Took On Legal Malpractice Case Now a Defendant in One
A former client of Motley Rice claims that the South Carolina law firm botched his malpractice case against another law firm that handled his divorce. Attorney Denis Ventriglia alleged in a lawsuit filed on Thursday that plaintiffs class action firm Motley Rice was inexperienced in pursuing legal malpractice claims and itself committed legal malpractice in his case against North Carolina divorce. read more » - Defiant Berlusconi says nothing to apologise for
ROME, Aug 7 Prime Minister Silvio Berlusconi said today he had nothing to apologise for over the sex scandals surrounding him and did not fear blackmail, while boasting his support among Italians was at record highs. The 72-year-old, whose reputation has been battered by often explicit disclosures about his womanising and parties with prostitutes, called people who spread such stories. read more » - Wife s call helps lead to arrest in Texhoma abduction
The FBI says a Texas man confessed to his wife he kidnapped a girl from Texhoma two years ago, saying, “You do stupid things when youre tired.FBI agents and Canyon, Texas, police officers arrested Terrance Lynn McGuire, 27, Friday morning. He was charged Wednesday in federal court in Oklahoma City with kidnapping for sexual gratification.He is accused of luring the then 10-year-old girl into. read more » - There s no place like Oklahoma City for traveling pair
Pat and Linda Keefe have discovered lots of places they love lately.Theres Hawaii. Theres Bubbas Barbeque and the roof terrace of the Crescent Hotel in Eureka Springs, Ark. And theres Mexicos Riviera Maya the turquoise coastal strip between Cancun and Tulum on the Yucatan Peninsula.Then there was one other discovery they loved even more, this one closer to home their new house in Rock. read more » - Regional gas prices up 8 cents in three days
Gas prices in the Bradenton-Sarasota-Venice jumped more than 2 cents on Friday, meaning prices have risen eight cents in just three days. A gallon of regular in this region was selling for $2.601 on Friday, up from $2.58 the previous day, AAA reported. The Friday price is 10 cents higher than $2.502 a week ago. Prices a month ago were $2.611. read more » - Celebrate sales tax holiday by going shopping in Norman
NORMAN Forget “Christmas in July and summer clearances. The most anticipated summer sale of the year is happening now the Oklahoma Sales Tax Holiday.The annual event that began Friday and lasts through Sunday exempts sales tax on most shoes and clothing items that cost less than $100. The tax break applies both to store and online shopping, according to the Oklahoma Tax Commission, though. read more »