In today’s economy, many couples owe astounding amounts of money for homes, cars and credit card purchases.
When you’re in a relationship, it is easier to pay the debt, but what happens when the marriage ends up in divorce – who is responsible? When a couple files for divorce, they first think about their assets; however, debts are also as important and play a major role to determine the couple’s total worth. The court equally distributes the couple’s assets and debts and indicates which party is responsible for paying which debts.
Debts can make a divorce complicated and keep the couple attached more than they would like to be. It is wise to clear your debts before or during divorce so you can begin living a new debt-free life.
If you are going through a divorce and have questions regarding separation of your marital debts, contact an experienced Orange County Divorce attorney who can answer all your questions and help you move on to your debt-free future.
