While Colorado divorces will often have a series of issues that can be difficult to negotiate, such as child custody, visitation rights, child support, spousal support and more, property division can also be a problem. For people who are trying to not just get beyond complex property division but are also trying to deal with debt division, it can grow contentious and result in extended disagreements that can slow the process to a crawl. Understanding how to divide debts is one of the key factors to a successful resolution.
Almost every couple, whether they are wealthy, middle class or have lower assets will accrue debts. This could be by purchasing the usual items that accompany starting a family like a home and a car. It can also extend to other important parts of life like a business. Or there can be random spending on individual items. This can accumulate debt. When the couple is parting ways, they will often try to shed as much debt as possible. With this will come a complicated disagreement as to how it should be split. For such a problem, legal help is a must.
When a couple has purchased a large piece of property and financed it, there might not only be a dispute as to which party should get it when the property is divided as part of the settlement, but the other party might not want to pay for it any longer. Perhaps, selling it to clear the debt would be preferable. Or an agreement could be made for one spouse to “buyout” the other. Regardless, a lawyer who understands how debt and property division is handled under state law can be of assistance.
If it is necessary to go to court to address it, a law firm that is skilled with debt division can be of assistance for that as well. The last thing anyone wants when they are already going through the emotional upheaval of a divorce is to compound the lingering issues with disputing over debt. To neatly divide the debt or find a strategy to negotiate it is preferable and a lawyer can help.