One of the most common issues to arise in divorce involves finances. Specifically, you might have a lot of questions regarding debt. Finances are confusing enough, but when you toss in a divorce, things get more confusing. These are some of the most common questions people have about debt and divorce. If these answers don't help, it is wise to speak with a divorce attorney in your state.
Are You Responsible for Unpaid Bills?
You might wonder if you are responsible for something like unpaid medical bills that accrued during your marriage. Do you have to pay half? Or will it stay on your credit report until it is paid off? First, it depends on when the debt occurred. If the debt accumulated before you physically separated from your partner, it may be considered part of your marital debt. It will remain part of your asset and debt distribution. Depending on your state, you may be tasked with paying part of this debt. If your spouse obtained this debt before you ever got married, you are not liable to pay off the debt.
Is the Person Who Keeps the Property On the Hook?
Let's say that your spouse keeps the car you are both paying for. Who will be responsible for the loan payment? You might assume that it is the individual who keeps the car since this is the person who benefits from it. You can make decisions about who pays off these types of items when you discuss other types of property distribution. It is also important that you discuss these matters with an attorney, and you might also work with a mediator.
What If One Spouse Earns More?
Your state and specific circumstances will impact how much of the debt you are responsible for in comparison to your income. Again, this is something you and your attorney may be able to negotiate or mediate.
What Should You Do If You Have Questions?
If you have questions about debt and divorce, it is important that you talk to a divorce attorney. Divorce attorneys contend with financial questions and concerns regularly. If you have questions, answers are available via a professional.
It is important that you address your questions now rather than later so that you can understand your responsibilities and obligations before you ever even get to a courtroom. Make an appointment for a consultation with a professional who practices divorce law to learn more.