If you and your spouse are getting divorced, you have likely thought about the asset division process and what that will mean for your financial future. You may also be wondering who will be responsible for the debts incurred throughout your marriage. Just because certain debts were racked up in your spouse’s name does not mean you will not have to partake in settling these debts. Therefore, not only will your marital assets be divided, but so will your debts.
Dividing the Debt
Generally, both spouses are held responsible for marital debts, regardless of whose name was attached to that debt. The situation can become complicated if, after your divorce is finalized, your former spouse fails to keep up with payments. As a result, creditors may come after you for payment and you will be forced to go to court to have the order enforced.
Given the complications that can arise, it is often recommended that spouses try to settle their debts before getting divorced. Settling your debts now will ensure that neither you nor your former spouse will have to worry about being harassed by creditors or revisiting this matter in court.
There are some rare situations in which the spouse who incurred debt may be solely responsible for those debts. For example, if your spouse was having an extramarital affair, and spent a substantial amount of marital funds on it, a judge may consider this wasteful dissipation. As a result, you will not be responsible for these debts. For your spouse’s spending behavior to be seen as an act of wasteful dissipation, the amount in question must be significant.
Schedule a Case Evaluation with Our Knowledgeable Divorce Attorney Today!
If you are getting divorced, it is crucial to hire a skilled legal professional to handle your case and ensure your interests are protected. At the Law Office of Tzvi Y. Hagler, P.C., our family law team is committed to guiding clients through the process of ending their marriage. You can rely on us for personalized attention and solutions that are as unique as your needs and goals. Backed by a track record of successful results, you can feel confident that your divorce is in good hands with us.
Reach out to our law firm today at (516) 514-3868 to set up a case review with our experienced family law attorney to get started.