Weddings have become more lavish over time. Between the cost of engagement rings, extravagant ceremonies and receptions, the very process of getting married puts financial stress on couples. Starting out in debt creates strain early in the marriage. The more couples fight over debt, the more likely they are to divorce.
Prior to, and during a marriage, parties acquire debt. When parties find themselves financially overextended, it cause stress in a marriage. In a divorce or dissolution, division of debt can be complicated. While some debt is separate, if acquired prior to the marriage, or is related to the educational costs of one party, marital debt must be divided upon termination of a marriage.
It is the equitable division of marital debt, and marital assets, that can complicate the legal process. At Maciorowski Law, we can help you navigate the complexities of properly assigning separate debt and allocating marital debt.