In addition to
dividing assets and property in a
divorce, debts must be divided as well. Generally, both spouses are liable for
debts incurred while they were married, regardless of whose name is attached
to the debt. However, things can get complicated in the aftermath of a
divorce since lenders may still hold both spouses responsible for the
debt. Therefore, if your former spouse misses a payment, lenders may come
after you instead.
Of course, you can take the matter to court, but your credit score may
still take a hit. That is why it is often best for spouses to settle their
debts before finalizing their divorce.
Dividing Debts During a Divorce
There are a variety of ways for spouses to divide and settle their debts
during a divorce.
Here are some tips:
- You and your spouse can sell joint property, such as furniture, automobiles,
or appliances, to pay off any outstanding marital debt.
- Your attorney can negotiate on your behalf, allowing you to be awarded
a more substantial portion of marital assets in exchange for paying off
the marital debt. You can also negotiate to receive more spousal support
in exchange for tackling the debt.
- You can agree to have all marital debt and property divided evenly.
- If you have custody of the children and are a homemaker, your spouse may
be ordered to pay a more significant portion of your debts, in addition
to child support and spousal maintenance.
There is no right answer on how to divide marital debt since no two couples
are alike. However, an experienced divorce attorney can help guide you
through it and ensure you make the best choice for your circumstances.
Set Up a Case Review with One of Our Skilled Divorce Attorneys Today!
If your marriage is ending and you and your spouse share a substantial
amount of debt, an experienced divorce attorney can assist you with this
process and ensure you receive a settlement that works best for you. At
the Law Office of Kathryn Marteeny, our experienced divorce attorneys
have more than 30 years of combined legal experience, which we will use
to your advantage. You can feel confident in our team’s ability
to protect your interests.
Reach out to our law office today at (713) 936-2300 to set up an initial case review with one of our
knowledgeable divorce attorneys and learn more about your legal options.