Who will be responsible for specific debts? This is a common question when a Louisiana couple decides to divorce. When working through the property division settlement, the primary concern of many individuals is which assets they will get. However, being able to pay for these assets along with the other bills that the individual will now be responsible for is necessary and yet one more detail that should be discussed with his or her family law attorney.
The family home is one item that many individuals want to keep. Often, this home is titled in the name of both spouses, and the mortgage is usually also held in both names. This means that even though one spouse may get possession of the home and be responsible for the mortgage in the divorce process, both spouses may still be ultimately responsible to the lender. If the original mortgage was granted to both individuals, then the mortgagor will still look to both individuals for payment unless the mortgage is refinanced or paid in full.
Automobiles and automobile loans are another consideration. In most cases, each individual will keep the automobile that he or she primarily drives. In many cases, automobiles are titled and financed in both names. This means that even though one individual has possession of the automobile and agrees to pay the debt, the other individual can still be held liable if the other does not follow through with the agreement. It may be a good idea for each individual to refinance their respective automobiles if possible.
As a Louisiana resident moves through the divorce process and establishes his or her separate household, finances are an important consideration. It is important to have a clear understanding of which debts the individual may still be held responsible for. An experienced family law attorney can assist offer guidance as to how to structure this part of the divorce settlement.