question.jpgIn Divorce Law

Will our debts be divided?

Yes. Debts are generally divided in the same method that marital property is divided. After figuring the amount of marital debt, courts will deduct it from the value of the marital property. However, even if a divorce court assigns all of the debt to one spouse, both spouses will still be liable for debts in both spouses’ name under the contract with the debtor (as in the case of a credit card.) It is wise to cancel joint credit cards as soon as one spouse files for divorce.