Dividing debt during divorce is often just as important as dividing assets and property. After all, being saddled with debt can make it extremely difficult to start your new life, particularly if you and your ex-spouse have accumulated large amount of debt.
If you are considering divorce and are worried about the debt you may have to shoulder, the dedicated and experienced attorneys at the Thomas Family Law Firm, PLC, are here to answer your questions. Since we focus solely on family law, we have a deep understanding of every aspect of divorce, including debt division. We will explain your rights and help make sure the court considers all relevant factors when coming to a fair and reasonable decision.
With attorneys licensed in both Tennessee and Mississippi, we help clients navigate the difficult process of divorce throughout the Memphis area and North Mississippi.
How Is Debt Handled During Divorce?
Generally, courts consider all debt accumulated during marriage as marital debt ― meaning, just like marital assets and property, it is subject to division between you and your spouse. One important thing to remember is that the name on the debt is not the determining factor when the court decides which spouse will have to pay it.
In many cases, the spouse who is best able to repay the debt will have to shoulder the burden, although the court will also examine many other factors, including who actually incurred the debt and why. Also, debt accumulated and secured by a specific property ― such as a car loan ― will often go to the spouse who receives that property in the divorce.
Lastly, any spouse who accumulates debt after separation, but before the divorce is finalized, will usually be responsible for paying it.
The Thomas Family Law Firm, PLC, Can Help
If you have questions about marital debt division and need to speak to an experienced lawyer, contact the Thomas Family Law Firm, PLC. To schedule a consultation, call our Germantown office at 901-537-0010 or reach out to us online.