Many people think that all property and debts are divided 50/50 in a divorce. This is typically not the case. Rather, there is an equitable division of property among the spouses. This means that if one spouse makes more income, they may assume more of the debt and more of the property and assets, as well. For example, if one spouse makes substantially more money than the other spouse, they may agree that the spouse retains 70% of all of the property and assets and receives 70% of the debts, as well. Both spouses will need to agree to a scenario regarding the equitable division of property, or a judge will make a determination on their behalf.
Equitable Division of Debt
Any debt acquired during the course of a marriage can be considered marital debt, and can include mortgages, vehicle loans, credit cards, or other types of debt. Again, this debt will be divided equitably among both spouses dependent on the specific facts and circumstances of the case. Never take on a great deal of debt on a credit card or other loan after filing for divorce, as a judge may see this as intentionally attempting to waste marital assets.
Contact an Experienced Family Law Attorney
If you are considering a divorce, you likely have a great deal of concern regarding the division of your marital property, debts, and assets. Consulting with an experienced family law attorney can help ensure your financial rights are protected throughout the divorce process. Contact an experienced divorce attorney at Giro Law at 201-690-1642 to learn more about your financial rights during your divorce.
