Debt and Divorce
Unfortunately divorce is inevitable for some people. One very difficult part of that process is determining responsibility for debt incurred during the marriage. Community property states such as California, Arizona & Idaho just to name a few treat marital property and income differently than other states (which are sometimes called common law states).
Community property is specific to debt that you accumulated during the marriage. There has to be a property settlement agreement in place which spells out whom is responsible for what. Hopefully you and your spouse haven’t reached a point where you aren’t able to communicate with each other in order to come to a consensual agreement on how to split your debts.
Debt incurred either before the marriage or after the separation is the responsibility of that party and so the responsibility there is clear cut. You do, however have to list both separate and community property on your settlement agreement which will eventually be submitted along with your divorce petition.
Of course, the alternative to all this is to work on your issues with each other and try to bring healing to your relationship. This isn’t a blog on relationships but it’s still my blog so I have certain liberties to express personal views from time to time. Don’t worry though….I won’t use this as a political or religious platform.
Anyway, just a little helpful information on the subject of debt and divorce. Have a great weekend!
