When preparing to divorce, you may have concerns about various debts you and your spouse owe. A skilled divorce attorney in Ventura can help you understand how debts in the marital estate are distributed between the parties. At it’s most fundamental, the plan for handling debt will depend on whether you have secured or unsecured debt.
Your divorce lawyer in Ventura will explain that secured debt is guaranteed by an asset. Your mortgage, for example, is secured by the value of your home. If you fail to pay your mortgage, the bank can foreclose and take back the house.
In contrast, unsecured debt is not secured by an asset, such as credit card debt. Unsecured creditors cannot go after specific property in the event you fail to pay. Therefore, unsecured creditors are often willing to negotiate with debtors facing financial distress, such as a divorcing couple.
Your divorce attorney in Ventura can counsel you about a fair split and negotiate on your behalf, if necessary. In most cases, negotiating payment plans or debt reductions will go more smoothly if your divorce lawyer in Ventura contacts your creditors before court involvement. He can also help ensure the terms of any agreement don’t put you at a disadvantage.
For Legal Assistance
While determining how assets are distributed in a divorce can lead to a great deal of argument, this is even more the case for debt. Let your divorce attorney in Ventura carefully review your financial situation as you prepare for a divorce. Contact Gary Mitchell today at 888-452-1846.