Things happen and relationships end, but what happens when there is a lot of money and assets to be divided. We tend to believe in our common law spouses and invest time and money in helping them accomplish their goals or to get through a hard time. You agree on having the debt paid back once things get better but they never do and then the relationship comes to a tragic end. You never signed an agreement on the debt, so are you out of luck when it comes to what is rightfully owed to you? Depending on the situation a Salt Lake City common law marriage attorney can pursue compensation during asset division. Every situation is different and can only be resolved with the help of an experienced attorney.
Matrimonial Home
The matrimonial home is one of the biggest assets to be divided. For married spouses, the home will be divided equally and both spouses will have the right to live in the home. For unmarried spouses, the property goes to the spouse whose name is on the home or lease. Common law marriages do complicate things since there needs to be an understanding between both parties that they are “married”, they present themselves as married and have been living together for several years. There is no legally binding document to be signed by both parties.
Debts and Loans
Paying debts is sometimes tricky because one spouse may have acquired a debt in order to pay for repairs on the home that they both share. Both names are not on the debt but both parties did benefit from it. Credit agencies and lenders will not go after you if you simply share a home with your partner. In their eyes, you are two separate people and will be treated as such. This means you are not liable for their debt and they aren’t liable for yours. Whenever you are going to accumulate debt or combine accounts have an honest and clear cut discussion about how the debt will be paid and who is responsible. If you can both put it in writing even better as this allows both of you to have an agreed upon the statement and if things go south you both have a reference to what was previously agreed on. Thi can also apply for loans between common law spouses. If you are lending your boyfriend, common law spouse or marital spouse you need to have an agreement and understanding. Money is one of the biggest reasons why couples separate and can sometimes be avoided by having a repayment plan and a common agreement between you both. No, this is not the most romantic situation but it is the smart decision that will protect you in the long run.
How an Attorney can help?
A Salt Lake City common law marriage attorney can help you regain any debts owed to you and properly divide your assets and property. The end of any relationship is tragic and when you add money to the mix, it becomes even more stressful. We can help protect your rights during a common law marriage separation.
