Unsecured Debt in Oregon Divorce Mediation
Unsecured debt refers to credit card debt, personal loans, medical debt, etc. "Unsecured" means that there is no money or property as collateral to ensure that the debt is repaid. Matthew will explain the best practices for dividing or stipulating the disposition of unsecured debt in your Oregon divorce.
It is usually wise to have the person in whose name the debt was obtained maintain the responsibility for the debt. It is typical, in such an arrangement, to have an offsetting asset to the person who takes on more than his or her share of a marital debt.
Because the debt is not secured by collateral that could be repossessed by the creditor in the event of a default, it is best not to have the debt remain a joint responsibility after the divorce.
The documentation of financial responsibility for unsecured debt in an Oregon divorce needs to be meticulous. Matthew will ensure that all appropriate details are addressed sufficiently.
It is usually wise to have the person in whose name the debt was obtained maintain the responsibility for the debt. It is typical, in such an arrangement, to have an offsetting asset to the person who takes on more than his or her share of a marital debt.
Because the debt is not secured by collateral that could be repossessed by the creditor in the event of a default, it is best not to have the debt remain a joint responsibility after the divorce.
The documentation of financial responsibility for unsecured debt in an Oregon divorce needs to be meticulous. Matthew will ensure that all appropriate details are addressed sufficiently.
Next Steps
Schedule a 90-minute in-person or Zoom introduction (first hour is always FREE)
or a 30-minute free "meet-and-greet" as soon as you're ready to begin mediation.