May 20, 2014
Filing for divorce in RI? Part II-Credit card and other debt
When you file for a divorce in Rhode Island, the Family Court will issue what are called Automatic Orders. These Automatic Orders is a Order of the Court setting certain aspects of the divorce process. In Part II of this series, we will discuss issues related to debt? They are applicable to the person filing upon signing the complaint and are applicable to the other spouse when they are served with the papers by the court. The Court order states:
“Neither party shall incur any unreasonable debts, including but not limited to, further borrowing against any credit line secured by the family residence, further encumbrancing any assets, or unreasonably using credit cards or cash advances against credit or bank cards.”
Martial debt can be large burden upon a marriage and can be the cause for the filing of divorce. This provision of the order by the court is to in part ensure that one or both parties do not go out and run up the credit cards or line of credit to harm the marital estate. As previously discussed in part I of the is series the division of assets is key aspect of your divorce. Here are just a few of the questions were will go over with our client:
How many credit cards to you hold?
How many credit cards does your spouse hold?
How many of these cards are jointly held?
Do you or your spouse have any credit cards with any third party, such as a family member or friend?
Do you have an equity line of credit on your home?
Is that equity line of credit accessed by writing checks?
Do you know if these statement for these things mailed or online only?
Debt and the division of debt could be large part of a divorce process. With our team of skilled attorneys, we can walk you through a through analysis of the steps necessary to ensure that you do not have complications through your divorce process. It is very important to address debt and who will be responsible through the divorce process and who will be responsible to the debt holders, which in some cases may be very different.
Seeking the counsel of an experienced Family Law attorney for the information that is specific to your individual situation, and the best course of action for you to follow, is always the wisest choice. Attorney Alves provides practical advise to achieve the best solution in a troubling time.
If you have questions about this posting or are interested in Divorce, Child Custody or Child Support in RI or MA contact Massachusetts and Rhode Island Divorce Lawyer Rui P. Alves at 401-942-3100 or CONTACT him via email.