Debt can be problematic in any marriage as well as when the marriage ends. However, in some divorce situations resulting from irreconcilable differences, one spouse may have never even known about the other party’s debt. Either way, debt is a critical matter to address during a divorce proceeding in Florida.
During a divorce proceeding, debts are considered to be marital even if one spouse might not know about them. For instance, in extreme cases, one spouse may be unaware of a loan taken out by the other party, who had been leading a totally different lifestyle than anticipated. For this reason, scrutinizing debts carefully is important.
Forensic investigating has the potential to uncover many types of financial issues during a divorce proceeding. For instance, this may involve studying the past few years’ worth of tax returns along with bank loan applications. Credit checks can help with finding applications for bank loans and in general may be valuable if a spouse suspects that the other spouse has been stowing money away to keep it hidden. Perhaps the party hiding the money had planned all along to call it quits down the road, for example.
Overlooking significant amounts of money and other assets that might exist in a marriage can be costly during a divorce proceeding. In the same way, not being aware of existing marital debts can have negative financial repercussions long term. An attorney in Florida can help with uncovering these assets and debts and provide guidance on how to address them during this type of family law proceeding.
Source: sitnews.us, “Minimizing the financial costs of divorce“, Mary Lynne Dahl, May 21, 2017