In the majority of divorces, debt is also divided between the two spouses. This includes credit card debts, mortgages, car loans, lines of credit, and any other type of loan that was taken out during the marriage.
However, there are a few exceptions to this rule. For instance, if one spouse took on all of the debt in order to benefit the other spouse, then that spouse may be liable for repayment even after divorce. Additionally, if one spouse racked up a lot of debt without the consent or knowledge of the other spouse, that spouse may still be held responsible for repayment. If you are unsure about whether you will be held responsible for your spouse’s debt in a divorce proceeding, it is best to speak with an experienced lawyer.
We understand the complex nature of divorce and property division. We are here to help you navigate these waters and get the best possible outcome for your case. Contact us today to schedule a consultation at 615-970-6448.
Can I Be Held Responsible for My Spouse’s Debt in Divorce?
Debt is often cited as one of the leading causes of divorce. When two people marry, they merge their finances, and if either party has significant debt, it can cause tension in the relationship.
In a divorce, the question of who will be responsible for the debt can be contentious. If you are divorced and your spouse still owes money on a joint credit card account, you may be liable for that debt. In some cases, a court may order you to pay part or all of your spouse’s outstanding debt.
However, there are several factors that courts will consider when making a determination about who is responsible for the debt in a divorce. These include:
- The type of debt- secured or unsecured
- The source of the debt- incurred before or during marriage
- What the debt was used for, was it used for the household, or did the spouse rack up a gambling debt, for example?
If used for the household, you may be jointly responsible for it, but if it was due to your spouse racking up a gambling debt, that spouse who racked up the gambling debt should be responsible for it
If you are facing divorce and have significant debt, it is important to speak with an experienced family law attorney who can help protect your rights. An attorney can also help negotiate a settlement with your spouse that is fair and equitable. Contact an experienced divorce lawyer today to learn more.
Will a Divorce Attorney Help Make the Division of Property Easier?
Dividing property in a divorce can be complicated and emotional. If you are facing the division of property in a divorce, you may be wondering if hiring a divorce attorney will make the process any easier.
An experienced divorce attorney can help ensure that the division of property is fair and equitable. They can also help negotiate a settlement with your spouse that is fair and takes into account all of the assets and debts that need to be divided. If you are considering hiring a divorce attorney, contact an experienced family law lawyer today to learn more about how they can help you through this difficult time.
Should I Contact a Divorce Lawyer?
If you are considering divorce and want to know if your spouse’s debt will affect the division of assets, such as property or bank accounts, it is best to consult a lawyer. This can help ensure that your interests are protected. A qualified attorney will be able to tell you whether or not you need an uncontested or contested divorce. In either case, they may recommend mediation before proceeding with litigation (contested) so as to minimize costs and stress for both spouses involved in the process.
If there is no possibility of reconciliation between the two parties involved then a timely consultation with a family law attorney could save time and money later on down the line by ensuring all relevant factors have been considered during negotiations over financial settlements. Contact us today to learn more by calling 615-970-6448.