How Debt Is Handled During a Divorce
Are you thinking about filing for divorce? If so, there’s a great deal to consider. You need to think about spousal support, and child support if there are children in the situation. You need to think about the division of your assets, as well. However, one thing that many people fail to consider is how debt is divided during a divorce. A Rolling Meadows family lawyer can help you understand how this will affect you specifically, but there are some broader topics that can give you a better understanding overall.
Debts Are Like Assets
One of the things you’ll need to understand here is that marital debt is handled a lot like marital assets. Your debt is divided, with each of you taking an equal share of any debts that were incurred during the marriage. With that being said, any debt that you individually brought into the marriage will remain yours. The most common debts to split equally between you and your spouse include:
- Joint credit card debt
- Jointly owned business debt
- Jointly owned homes
- Jointly owned vehicles
While most debts are split between you and your spouse, that’s not true for all of them. The court will determine who is more responsible for some types of debt, and that spouse will be responsible for repaying all of that particular debt, or a larger share of it than another spouse. For instance, suppose you both had a joint credit card. You both used it, but your spouse used it far more heavily. If you can prove that, there’s a chance that the court will require your spouse to pay a larger share of the balance on that card.
No one wants to think about the prospect of starting over again saddled with a lot of debt. There are ways to get around that issue. One of them is to try to pay down your debt before going forward with the divorce. Depending on your financial situation and how much patience you have, this can be the best option. However, it’s not the most common solution.
Struggling with how to split debt in your marriage? A Rolling Meadows family lawyer can provide you with sound legal guidance. Follow the Law Office of Fedor Koslov, P.C. today to schedule a free consultation on your divorce.