Understanding the Importance of Secured Debt and Secured Liabilities in a Divorce

A question that clients often ask a Thousand Oaks divorce mediation lawyer concerns secured debt and secured liabilities. Your lawyer should be able to give you a clear explanation as to what secure debt and secured liabilities are and how they affect your divorce.

What Your Thousand Oaks Divorce Mediation Attorney Will Tell You about Secured Debt

Thousand Oaks Divorce Mediation LawyerAny real property such as a home, apartment or car is a secured liability. If, for example, you miss a mortgage or car payment, these can be used to address the debt. In the divorce process, your Thousand Oaks divorce mediation lawyer must address these liabilities that are linked to the properties. An easy to understand example is the mortgage. The debt has been secured by the actual residence and the property the residence is on.

Assets and Debt During the Divorce

Your Thousand Oaks divorce mediation lawyer will try to keep the assets and debt together. This is because it would be unfair for one of the spouses to have the vehicle while the other have the debt. Such a circumstance would put the power in the hands of the individual holding the debt and giving the option of threatening not to pay for any reason.

Speak to an Experienced Thousand Oaks Divorce Mediation Lawyer

If you are getting a divorce and are confused as to the concept of secured debt and secured liabilities, a Thousand Oaks divorce mediation attorney can help. Contact Gary Mitchell at 888-452-1846 to discuss your case today.

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