Many divorcing couples focus on the emotional aspects of divorce such as child custody and keeping the home in the family. Yet there are things such as property and debt division, which are also crucial to creating a stable life after divorce. You will be stuck with some debts that are not yours unless you hire an experienced Salt Lake City asset & debt division attorney to handle these legal details. Your attorney can help you gather relevant information regarding your former spouse’s debt and your debt and help you make wise decisions regarding property division and other money issues you may experience during divorce.
The way debts are divided is similar to the way assets are divided. The court will try to divide debts fairly but sometimes not as equal as some divorce parties may expect. Debts incurred during the course of your marriage are generally divided between spouses. However, personal debts or debts you had before getting married, are your responsibility.
Equitable division
When couples can’t agree on how to divide their assets and debts, the court generally makes those decisions for them. They will take a closer look at each spouse’s finances when they were married as well as individual debts in order to divide these debts for them. Courts generally make sure that the divorce parties are not left with debts or possessions that are not theirs.
Debts incurred during marriage
Debts entered during the course of your marriage are divided between the spouses, even if they were entered under one name. Debt related to property such as the family home, a vehicle, boat, etc. that has not been fully paid, is generally the responsibility of the spouse who keeps these assets after divorce. A medical debt associated with medical treatment for a minor child is the responsibility of both parents.
Pre-marital debts
You are not responsible for your former spouse’s debt prior to marriage, even if he or she acquired these debts during the marriage. However, if the purchase benefited both parties or some family members, the debt will be divided between the two spouses. In most cases, a debt incurred after the couple separated and prior to filing for divorce is also divided.
What about credit card debts?
Divorce can sometimes bring the worst out in a person because of the hurtful emotions and painful issues you have to deal with. Your money problems won’t go away after you get divorced. Joint credit card debt usually stays. Remember your former spouse may try to make your life miserable unless you hire adequate legal representation. From getaways with lovers to spending sprees, you might be stuck with your former spouse’s credit card debt.
It is important you consider removing yourself from your former spouse’s accounts and hire a Salt Lake City asset & debt division attorney with experience in these types of cases. If you wish to file for divorce with significant debt and you don’t know how to proceed, call us today and schedule a private consultation.