Georgia is one of the states with the highest individual debt rates in the country. That’s the reason why the issues of financial debts can complicate a divorce process. But with an experienced uncontested divorce attorney, things can work much faster.
Domestic Relations Financial Affidavit
A domestic relations financial affidavit is a statement made under an oath listing all assets of an individual as well as a summary of their monthly income, expenses, and debts owed. In other words, it is a brief summary of your financial status.
Why is a Domestic Relations Financial Affidavit necessary?
Domestic Relations Financial Affidavits official requirements by the state of Georgia. It is often requested by a judge in case of an uncontested divorce. The court uses it to decide the right amount of child support to be offered by each parent.
You can always consult with a Dallas GA Dallas GA divorce attorney if you are not sure how to go about the issue of financial debts.
How debts are divided
Considering the fact that Georgia has a high number of individual debts, the divorce process must also be about how the debts will be paid after the separation.
Therefore, before starting the discussion about the divorce, it would be good to understand your financial status. This will equip you well for the discussion about divorce. A Georgia family attorney will come in handy during this process.
Determining who holds liability
Just like assets, there is separate and marital liability. All debts incurred in the course of a marriage are considered marital and both of you are responsible for servicing them even after divorcing.
But if you had a student loan prior to getting married, then you are solely responsible for repaying it. A Georgia family lawyer can also advise you on this.
To understand more about financial debts and uncontested divorce, you can talk to the Law Offices of William R. Pike Law.