Divorce And The Bankrupt Marriage
Full Video Transcript
When a marriage fails, dividing the marital property is hard enough when the couple actually has assets to split. But divorce can be even more difficult when the marriage is considered bankrupt, that is when the couple has more debt than it does assets. Marital assets and debts are generally either divided equally or unequally, depending on the particular state’s laws. But even when the general rule is to split things down the middle, if you’re in a bankrupt marriage and you have more debts than assets then you may be entitled to an unequal division of the debt in proportion to your ability to pay. Another option may be to award an unequal division of the assets in order to offset certain financial discrepancies between you. The financial aspects of any divorce can be complicated, but if you owe more on your house than its worth, have high credit card debt, or otherwise have a bankrupt marriage, contact an experienced attorney to determine if the nonequal division of property and debt is available in your case.