When you and your spouse make the difficult decision to dissolve your marriage through the process of divorce, you may need to consider various financial matters, including the division of debt. In most cases, the same processes used to divide a couple’s assets will also be used to divide their debt. Though this process might seem simple on the surface, there are important factors to understand before proceeding.
It is important to recognize that family and divorce laws vary from state to state, so it is important to consult with an attorney who can help you with your individual situation. For more information, contact the divorce attorneys of your area.
Debts to be Divided
In most cases, if a spouse brings debt into the marriage, that responsibility will remain with that particular individual. However, if two spouses combine their finances when they marry, their debts may be shared. Other monetary considerations that may be a factor in your divorce include the following:
- Educational debts
- Property settlement agreements
- Loan payments
- Credit card debt
- Any other liabilities that are owed
If you try to navigate this process on your own, you may end up paying for more debt than you are truly responsible for. In addition, you also may be taken advantage of if your spouse has an attorney but you choose the “pro se” approach. The best way to make sure you are treated fairly throughout the entire process is by hiring an experienced divorce attorney to assist you.