It’s common knowledge that during a divorce, the formerly married couple’s assets are divided among the newly separated couple. What is less well known is that debt division also occurs during the divorce proceedings.
Debt division can be the most significant part of divorce proceedings. This is particularly the case in marriages that lack substantial assets. In most states, both partners are responsible for the individual debts that they have incurred prior to their marriage. However, when they divorce, the former spouses will divide all debts acquired while they were married. This includes not only joint purchases and investments but also all individual debts incurred by either spouse.
If the spouses use money from a joint account to settle an individual debt from before the marriage, this may be reimbursable but will depend on the discretion of the judge and arguments made by the spouse.
Additionally, some debts accrued before the divorce but after the couple lived apart can be considered “separate and apart” and therefore may not be included in the debt division process. Also, if the debt was acquired while immoral conduct such as an affair was taking place, the judge may rule that only the spouse who incurred the debt is responsible for settling it.
When it comes to the actual division, there are a few ways that it can be decided. Spouses could be required to split all assets and debts with exactly equal amounts. This would mean each spouse is responsible for 50% of all debts. States following the equitable division principle may divide debts according to each spouse’s ability to pay.
If you are facing an unfair debt division process, an experienced divorce & family law attorney may be able to help you. A divorce & family law attorney can represent your interests in a neutral manner and can expertly back up your objections to protect your interests. The best place to find a divorce & family law expert is with Attorney at Law.
At AAL, our nationwide network of law firms and attorneys allows us to match you with a divorce & family law attorney in your area. Our partners have the resources, legal expertise, and experience to get the best outcomes for their clients.
In addition to a distinguished case record, our partners also excel in client care. We understand the stress that comes with separation and legal battles over assets. That’s why our partners strive to keep you fully informed and bring proceedings to a fair and rapid conclusion.
Don’t wait. Contact AAL today for a free, no-obligation consultation and assert your marital rights.
