Our Greensboro divorce lawyers guide clients through the process of dividing marital property after a separation on a regular basis. This process is called equitable distribution.
In equitable distribution, the trial court is tasked with classifying, valuing, and distributing to the parties all marital assets and debts. You may find yourself wondering, what is a marital debt?
A marital debt is one that is incurred by either of the spouses during the marriage and before the date of separation for the joint benefit of the parties. The spouse who claims that the debts is marital bears the burden of proof in showing that the debt benefited both spouses. This isn’t presumed from the fact that it was incurred during the marriage.
The Court will need competent evidence in the record supporting the conclusion that the debt benefited both parties and is therefore marital. If you have questions about your liability for certain debts during a separation or divorce, contact one of our Greensboro divorce lawyers for a consultation today.