Best Discrimination Solicitors in Bury

Many of our clients come to us concerned about how the responsibility of debts is shared when getting Divorced. If you and your spouse have debts, you can still get Divorced, you will simply need to agree a plan or make a Financial Settlement to pay off what is owed. How the responsibility of debt is shared depends on whether they are matrimonial - meaning they benefit the couple or a family as a whole - or individual. You will need to assess all assets and debt, held both jointly and individually, and categorise each. For instance, if one person took out a personal loan in their name to refurbish the kitchen in the family home, this debt is likely to be considered matrimonial and should be paid off or shared as part of the Financial Settlement. However, if one party built up a lot of credit card debt buying expensive clothes or items that did not benefit their spouse, this debt is likely to be considered as individual.