Dividing Debt for Divorce

When most people are getting a divorce, they spend a large amount of time working on dividing up the community property. However, amidst all of the confusion and perhaps fighting, some soon-to-be-split couples may forget about their debt. Dividing up debt is a very real part of divorce that can be important to take care of when you are splitting from your spouse.

Premarital vs. Post-nuptial Debt

Like property, a general way to divide debt is to split it into debt accrued before marriage and money owed during the union. Typically, a person who comes into the marriage with debt will leave the marriage with their own debt. This premarital debt will not usually become the responsibility of the other party.

However, when people get married, they often decide to get joint bank accounts and joint credit cards. Therefore, debt that is acquired on something that is a joint venture will be divided accordingly—both spouses are usually responsible. This means even if you had absolutely zero interest in buying the state-of-the-art sound system for your media room, if it was charged to a joint credit card, you will also be held responsible for paying off the creditors.

Preventing Joint Debt

If you feel that it is incredibly unfair to be harnessed with your spouse's debt, there are some ways for you to remain more responsible for your own charges. Some couples may choose to keep a portion of their money in individual accounts, and still have a joint account or credit card. In this case, you can put your own purchases on your own credit card and not have to split this after divorce. For the things that both parties want to put on a credit card, such as a new sofa, this can be charged to a joint credit card.

Contact Us

If you or someone you know is filing for divorce, legal counsel from experienced lawyers can make your process much easier and faster. For more information on dividing debt and other divorce-related topics, contact the knowledgeable Frisco divorce lawyers of Alexander & Associates today by calling 972-420-6570.