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In a divorce agreement, do you divide marital assets and then divide credit card debt, or does the debt get divided and subtracted from each parties assetts before there is a 50% split? Also can you supena credit card statments and a credit report on a spouse directly from the company?
State/Country relating to Question: Florida Already Tried: how long for an answer
<p>DearCustomer- It's not quite that simple. The general procedure is to add up the assets and subtract the liabilities to see approximately what each party will net from the divorce. If there is real estate and one party is going to get to keep the property then the equity would need to be offset by some other asset.</p><p> </p><p>Each spouse has a right to get financial information from the other through the discovery process. The credit card statements can be subpoenaed directly from the spouse by the court so there really is no reason to have to contact the credit card companies. </p><p> </p><p>I'm not certain what good a credit report would be but the court could also order that to be submitted. Even though debts are divided the creditors will not remove the names of the persons who have signed for the debt. In other words if one spouse accepts a debt responsibility and fails to pay then the creditor can still seek payment from the other spouse since the creditor is not bound by the divorce decree.</p><p> </p><p>Dave Kennett</p><p> </p>
All we have is cash assets, but I have credit card debt and want 50% of that paid by my husband after the split of cash assets, is that how it works? My husband lied on his financial sworn statement about not spending any money on vacations and I have proof he has taken 3 trips and he did not provide complete bank statements(only account balance page for 1 month)This all came to light 6 hours after a marital agreement was signed but it has not gone to the court yet for final judgement. I want the credit card statments to possibly prove he spent marital assets on the trips. If this is so what are my options? My lawyer just says I am screwed and I dont feel I was represented correctly in private mediation
Well if you have a lawyer who has reviewed your case I certainly can't offer a more detatiled analysis since I do not have access to the file. If your husband lied on any documents you certainly can have the agreement vacated and start over. I'm not certain what the vacations have to do with anything since a debt is a debt and should be divided. I'm not certain why your lawyer says you can't do anything if your husband lied so you may want to get a second opinion from another lawyer. We cannot actually represent clients from this website as we are here for general information purposes only. I would think that the cash assets should go to pay off the total debt and then the remainder could be split between the two of you. That would leave you debt free to start over. Once again, I cannot analyze your entire situation with limited information. Dave
Lawyer (JD)
25 years experience in general law, including real estate, criminal, traffic, and domestic relations