Divorce: Debt and Liabilities

If you are considering divorce, you may be wondering about your spouse's liabilities and debts, and whether you will be responsible for them as well.

There are two ways to look at your debts during a divorce: the debts you accrued together as a married couple, and how you will be expected to pay those creditors to whom you still owe money. No matter what state you live in, most courts will work to ensure equitable distribution of property, which refers also to assets and liabilities that are in your names. However, there are cases where the court may see that one spouse is more responsible for debt than another. For example, if one spouse ran up a credit card anticipating the upcoming divorce.

You must be aware that no matter how you decide to split up the debts, your creditors will not care which person is responsible. They care only about the debts being paid, so it is important to keep a regular payment schedule even during a divorce.

Call a family law attorney if you have questions pertaining to equitable distribution!