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Thursday, 09 April 2009 07:33 |
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During a marriage a couple often accumulate debt – from credit cards to cars and mortgages. When the couple divorces, sometimes the debt is assigned to a particular spouse while other times the debt is considered to be joint, meaning that it is the responsibility of both spouses. So what happens when the ex fails to make their car payments as ordered in the divorce decree? Often times you may be stuck with the bill.  For this reason, your Michigan Family Law Attorney should work out a debt dividing and debt responsibility proposal before your Michigan divorce is finalized. This is important because a Court actually has no authority to modify the terms of a contract between your creditor and you and your spouse. However, they can approve of a debt dividing agreement between you and your spouse. In other words, your Michigan Family Law Attorney will draft a separate debt-contract that outlines what spouse is responsible for what debt.
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Last Updated ( Thursday, 09 April 2009 07:37 )
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