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Marital Debts And Divorce

Just as each state orders the division of property pursuant to a divorce, each state will also order the division of debts incurred during the marriage.  Many common factors to consider when dividing the marital debts include who will keep the property that has the debt attached to it, how much of the marital assets are being received by each spouse, what the terms of alimony are, and the ability for each spouse to secure credit in the future.
In many cases, especially those involving mortgage loans, car loans, and credit card debts, both spouses may be personally responsible on the promissory note or credit agreement.  These creditors are not usually willing to take someone’s name off an account due to a divorce agreement unless the debts are actually refinanced.  Just because a divorce agreement states that your spouse is responsible for paying a particular debt, that doesn’t mean that if your spouse fails to make payment, you won’t be held responsible by the creditor.  In fact, that is exactly what will happen.
Your credit rating can continue to be affected by the actions of your ex-spouse many months after a divorce is finalized.  It is always good advice to either refinance debts out of your name or get them paid off as a condition of the divorce, so that your ex-spouse’s debts don’t become your debts once again.