As someone going through a divorce, you’ll want to learn more about property division. Questions regarding your family home, vehicles, personal property and financial assets are sure to move to the forefront.
While you’re doing your best to secure as many assets as possible, don’t lose sight of the fact that you must also prepare to divide debt in your divorce.
There are many types of debt that may require your attention, including but not limited to:
- Mortgage
- Car loan
- Personal loan
- Credit cards
Just as with your assets, you’ll need to work with your spouse to decide on the best way to divide your debt. This can be a sticking point during mediation, but it’s something that requires your attention, so you might as well prepare for it.
If your case moves to litigation, the court will attempt to divide your debt in a way that’s both equitable and fair. However, this doesn’t necessarily mean the debt will be split down the middle.
One thing you need to remember is that you never want to take on more debt while you’re going through a divorce. For example, don’t assume it’s okay to run up a large credit card bill with the idea that you’ll only be responsible for half of it.
Going into the divorce process you should prepare yourself for the division of debt. This is every bit as important as property division, as it will also have an impact on your finances.
Having a clear idea of your debt load and legal rights will go a long way in helping you make informed decisions.
Source: National Debt Relief, “What You Need To Know About Debt In Divorce,” Adam Tijerina, accessed June 11, 2018