Negative Net Worth Divorces

Traditionally, divorce clients believed that the larger the marital estate, the greater the need for attorneys to be involved in the settlement. However, due to today's economic conditions, the larger the debt, the greater the need for competent and timely legal representation.

Representing a client as a lawyer or mediating with a separating couple, I believe my role is to help each person separate from a spouse and transition into a new life. Dividing large assets is easier in that each party can afford to move on to a new surroundings and a new life. On the other hand, when parties are upside down or have negative equity on their mortgage and have significant credit card debt, it takes creativity and work so that each party can financially afford to move on to a new residence and new life. The scars of a failed relationship seem minor if a party finishing a divorce without proper help from an experienced family law attorney or mediator finds that she or he cannot obtain a car loan or be eligible for years for qualifying for a mortgage loan.

With high net worth cases, we may work with experts. We do the same for high debt cases, including suggesting experts on debt reduction or elimination. We work with you to protect your future liability, even to the point of working with a bankruptcy attorney if necessary. There are some occasions when the status of having filed bankruptcy is better than a continued low credit score and paying thousands of dollars on credit card interest.

Call us at 401-287-2079 or email us for help when your divorce involves more debt than assets.