What Happens To Our Debt in a Divorce?

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Facing a divorce and concerned about your debt or your ex’s debt? Here’s how it might be divided. Just like property, debts incurred during a marriage must be divided when a couple divorces. This process can be similar to dividing assets. In community property states, debts taken on during the marriage are typically considered shared and divided equally, regardless of whose name is on the account. In equitable distribution states, debts are divided fairly, taking into account factors like who benefited from the debt and each spouse’s financial situation. Debts can include mortgages, credit card balances, personal loans, and other financial obligations. The key is whether they were incurred during the marriage or are considered separate, pre-marital debts. Consulting with a divorce lawyer can help ensure that debts are divided fairly and that your financial interests are protected. To learn more about debt division during the divorce process and to find a divorce lawyer who can protect your rights, head to LawInfo.com.