For some, debt is inevitable. Many individuals have some form of debt whether it’s credit card debt or student loans. You and your spouse may have accumulated debt over the years and this raises a huge question. How is debt split up in a divorce?
Splitting It Up
The first concern to enter the mind of a couple when filing for divorce is their assets. Although this is a huge factor, debts are just as important as they factor into the couples net worth. Every bill and financial statement can give some accurate insight into their economic and financial position. Both parties are responsible for their acquired marital debt. In court, the couple’s assets will be divided and will designate which individual holds responsibility for certain bills while dividing their property and money.
Typically the court will try to divide all these assets equally, though in some cases it can be used to balance certain things out such as property. Sometimes an unequal division of debt happens under certain circumstances. A few of these situations could be that one spouse was tallying up debt without the other spouse’s knowledge, one spouse is more at fault for the marriage ending or simply one spouse is able to pay more of the debt off. One common situation of unequal debt is that one spouse will take on more debt while the other will get more property.
No Debt Makes Divorce Easier
Divorce can be complicated enough, adding a layer of debt can make things a headache. To make the divorce process smoother, try clearing up debt ahead of time can make the lives of everyone involved much easier. Having a crystal clear idea of your finances can make the division of assets process that much easier and accurate.
Lastly, to make the process easier, it’s important to hire a divorce lawyer. Divorce can get confusing and a lawyer will be able to help. Hiring an experienced divorce lawyer can help guide you through the divorce process, making it easier and less stressful. They will be able to answer any questions you may have in regards to splitting up debt between you and your spouse.
At Aldrich Legal Services, our family law practice is headed by Brad Aldrich, a knowledgeable divorce lawyer with more than 20 years of legal experience. Our focus is on resolving your dispute as efficiently and cost-effectively as possible, while fully safeguarding your rights. If your divorce is not resolved before trial, we have the courtroom skills and experience to help you obtain the best possible outcome. Contact us today at (734) 404-3000.