Q: Divorce asset and debt division involving home and credit card debts in Georgia.
I am going through a divorce and need help understanding how our assets and debts might be divided. We have a home valued at $250K with an outstanding mortgage, and my spouse has a $20K credit card debt that I have never used. Additionally, there is a $7K debt on a credit card in my name, which he is the only one using. How are these assets and debts likely to be divided in the divorce?
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A: Most attorneys won't give specific advice because there isn't enough information to do so. In order to give advice about how a case is likely to turn out, we need to see all the financial discovery. I woild suggest that if you have a credit card in your name that hes using, you may want to freeze it or remove his access because it's a possibility you will get stuck with all debt in your name.
A: No one can tell you how the assets and debts will be distributed because that depends on a lot of factors and information we do not have here. If neither party wants the home the court will order that the house will be sold. Any liens and outstanding mortgage will then be paid by the proceeds of the sale and then anything left over is normally split equally by the parties. If one party wishes to keep the home then it is possible the other will be awarded some equity and the court will order a loan assumption so that the other parties name be removed from the mortgage. As far as debts are concerned, the court may order that the credit card debt be paid by the spouse who incurred the debt. And the debt on the credit card in your name the court may order that you pay. But I would advise you to speak directly with an attorney and provide them more information and more importantly, hire an attorney to represent you in this case.
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