Divorce and Debt Allocation

When you get divorced, you need to decide which party gets what property, custody of the children and pets, and alimony (if there is any). You also have to divide your debts. Debts are usually divided evenly in a divorce, but several factors may alter this outcome.

If you are currently going through a divorce and have questions about what will happen to your debts, the Boca Raton divorce lawyers of Eric N. Klein & Associates, P.A. can give you answers. Call us at 561-353-2800 to learn more.

Deciding Who Pays What

In the divorce settlement, only debts incurred during marriage are divided between you and your spouse. For instance, if you bought a car before marriage, you are solely responsible for making payments on that car. Your spouse will not receive that debt in the settlement.

Additionally, if you have a debt that you incurred during marriage that your spouse did not co-sign on, the debt is your responsibility. Even though the debt was incurred during marriage, your spouse is not responsible for it. This is most commonly the case with student loans.

When it comes time to divide debts, you and your spouse can jointly decide who will assume responsibility for which debts. If you cannot reach an agreement, the divorce court has the authority to divide your marital debts for you on the most equitable basis.

It is important to keep in mind that your name is still attached to the debt even if the court determines the debt if your spouse’s responsibility. Should your spouse default on payments, creditors may seek payment from you. Unfortunately, there is usually no way to stop them, though you may be eligible to file contempt of action lawsuit, which may lead to a reimbursement.

Contact Us

Divorce is never easy, but you do not need to go through yours alone. Contact the Boca Raton divorce attorneys of Eric N. Klein & Associates, P.A. at 561-353-2800 for more information about how we can help you through your tough time.