How does debt affect divorce?
Table of Contents
How does debt affect divorce?
As part of the divorce judgment, the court will divide the couple’s debts and assets. Generally, the court tries to divide assets and debts equally; however, they can also be used to balance one another. For example, a spouse who receives more property might also be assigned more debt.
Are you responsible for your spouse’s debt Australia?
You are not responsible for your partner’s debts just because of your relationship, whether you are married or not. However, you may have become liable for his or her debts because you signed a loan contract as a joint borrower or guarantor, or because you were a director of a family company or a partner in a business.
What is considered marital debt in Florida?
The spouse who took out the card or loan would be the one responsible for paying back the debt. Most debt in a marriage consists of joint credit cards, auto loans and mortgages. Since both spouses benefit from homes, cars and personal goods acquired from this debt, this would be considered joint debt.
