Divorce will inevitably change your finances in many ways, both now and in the future. Money and property division are some of the most hotly contested issues in a divorce, and there is a lot at stake for you. One of your main concerns during this process is getting your fair share of marital property and a reasonable financial settlement, but you should also think about what is going to happen to your debt.
Just because a couple goes through a divorce does not mean their debt will disappear. Someone will still have to pay for the debt accumulated over the course of the marriage. It’s in your interests to know how to pursue a final order that does not leave you with an unfair and unmanageable burden after divorce.
Who has to pay?
You will be responsible for the debt you carried into marriage, but like marital property, marital debt is something that the two parties will share. As you can imagine, there can be significant disputes over who should have to pay the debt. The following may help you understand what to expect from your divorce:
- You are not legally responsible for a debt if your name is not on it, even if it was a debt accumulated while you were with your spouse.
- It is not always clear what the court will consider marital debt, but often it is debt accumulated from credit cards, a mortgage or even a personal loan.
- One spouse may feel that the other has a moral obligation to assist with debt, even if the other spouse’s name is not on the debt.
Debt is something you will carry with you after divorce, and it’s important to make sure that you can afford to manage these balances independently. If there is a lot of debt to address, your financial future could be at stake. This is why it is extremely important to work with an experienced Colorado attorney who can help you successfully navigate a financially complex divorce.
Your future starts now
The choices you make during divorce matter for the future. It is in your interests to set aside your temporary emotions and think about what is going to make the most sense for you long-term. If you are facing the possibility of walking away from your divorce with a significant amount or debt or you have concerns about securing a fair divorce agreement, you may want to first seek an assessment of your case and explanation of your legal options.