Not many couples realize that when marriages are dissolved, just as assets need to be divided and distributed equitably, so do debts.

And unfortunately – perhaps more today than ever before, we find that more and more folks out there are in debt – mortgage debt, vehicle debt, student debt, and so on.

These debts need to be divided in the most equitable and fair way possible.

Yes, the State of Florida mandates equitable distribution of all assets so debt would perhaps be construed in similar manner but it is really not that simple – things need to be looked at more minutely and then a decision needs to be taken about the way in which debts can be taken up or distributed between concerned parties most equitably.

In the context of debts, a surprise element that often comes up is that when marriages are being dissolved, there are parties which are not even aware of debts being present! For instance, one of the parties may have taken up a debt jointly but unbeknown to the other party. Now when it comes time to dissolve the marriage, suddenly the other party finds itself liable for a debt – which it may not only have benefited from in anyway, but may very well not even have been aware of!

Such cases are not that rare and can cause a lot of heartburn.

And again, it is up to smart and suave attorneys like Canor Pato to ensure that debts are handled the same way as assets, whereby their redistribution involves complete fairness. For instance, in the above scenario, the unaware party should not ideally be liable for the debt in question but since things don’t always go as per ideal circumstances, CP Law Firm will work hard and negotiate accordingly to ensure that there is no unfairness coming into play at any time.

At the same time, there are debts which may be in the name of only one of the parties concerned but since the other party or parties did benefit from the same, they may well be liable for it. For instance, a holiday loan that was taken which both parties enjoyed; if the marriage is dissolved then both parties may be held liable for paying off the loan.

In essence, as you can see, there are a number of different complications that arise when it comes to asset and debt distribution, particularly when marriages are being dissolved. For any lay person, such complications are very difficult to comprehend, leave alone address.

That is the reason it is always recommended that help is sought from professionals of the league of CP Law Firm. Remember that we have handled many such cases over the years where we have been able to offer legal counsel and assistance to ensure that not only assets but debts are also handled in the fairest way possible.

Contact us for Equitable Asset and Debt Division

CP Law Firm offers FREE consultation for all asset and debt division cases. So if you are in need of legal advice and assistance on equitable asset and debt division, whether in English or Spanish, in Miami or other parts of South Florida, call CP Law Firm on 786-369-8863 without hesitation.