Sentences with phrase «pay marital debts»

This often occurs with money, usually when married couples share bank accounts or use separate funds to buy marital property or pay marital debts.

They must also determine if one party is responsible for paying the marital debts or if both parties will share the responsibility.

Not exact matches

When it comes to marital debt, you're always going to be responsible if it remains in your name — even if your previous partner has made an agreement to pay it after the divorce.

In exchange for using marital funds twice to repay past debts, I asked him to commit to paying back the family savings for the remainder of 2016.

What this means is that your property is owned jointly by you and your spouse as a single marital entity and can not be liquidated to pay the debts of only one owner.

The trial court did not err in refusing to use an alternate valuation date for the sale of the company stock, as husband used the proceeds to pay taxes and marital debt, with each spouse receiving half of the remaining net proceeds.

The Marital Settlement Agreement describes how you and your spouse have agreed to divide property and debts and whether one of you will pay spousal support, and if so, how much.

For example, your separation order will designate which spouse gets the marital home, who should pay child support, holiday visitation and child custody, each spouse's right to assets and debts, and even insurance coverage.

The family court ordered the property and business be sold, awarded Wife 61 % of the marital estate, ordered that she pay all the marital debt, and denied her claim for attorney's fees.

If you choose to pay it off through marital proceeds, only half the debt is your responsibility, but half of the asset's book value gets credited to you as well.

A divorce is uncontested if both spouses agree to the divorce and are in complete agreement about dividing the marital property (which includes assets and debts), the custody and support for any children, and whether one spouse pays alimony to the other.

Debts are also considered marital property and the court must assign liability to each party, depending on that party's ability to pay.

The court examines the nature and extent of both marital and separate property, the duration of the marriage, the party paying expenses and debts, and any special circumstances.

From there, you will decide how your marital property and debts will be divided, how much support will be paid, and when and where you will spend time with your children.

Most couples understand the concept of divorce, which involves: Filing a petition with the court Paying a filing fee Dividing marital assets and debts...

In divorce and child custody cases, the contested issues vary depending on the parties» unique circumstances, but generally they concern with whom the children will reside (physical custody), who will make decisions concerning their religious and educational upbringing, medical care and treatment, and extracurricular activities (legal custody), how the assets and debts of the parties will be divided (equitable division of the marital property), and what kind of spousal support, if any, is to be paid by one party for the support of the other spouse.

If your divorce case is like most cases and settles prior to trial, your property settlement agreement will spell out who is paying what portion of the marital debt.