The division of assets is often described as one of the most difficult parts of divorce for many couples. However, the division of debts can also cause heartache in its own way.
Sometimes, depending on the length of the marriage or the debt accumulated, it is hard to tell who the debt actually belongs to. Thus, splitting debt is often just as messy – if not messier – than splitting assets.
Debts before marriage
HuffPost discusses splitting debt during a divorce. They talk about debt acquired before the marriage first. Generally speaking, all debt acquired by any individual before the marriage is entirely in that person’s responsibilities. They have the sole responsibility to repay creditors for it. While married, you might have combined certain bills and debts, like student loan debt or household bills. However, after the divorce, you must take prior debts with you.
Debts during marriage
Debts that end up incurred during the lifetime of the marriage are more complex, however. This can include things like buying a house, owning joint credit card accounts, purchasing a vehicle, or obtaining a loan with one another. In such situations, these debts belong to both of you and not just one.
Here, a court can split your debts in the same way that it may split your assets. It is also possible to come to an agreement together with your ex-partner, potentially with the help of a professional mediator. You can then add this into your divorce proceedings.
You want to make sure that the division of debts is as fair for you as possible. To this end, consider seeking legal aid to ensure you are facing a fair division.