How Do I Handle Joint Debts During A Divorce?

When you’re married, you share everything. That can include debts. If you have joint debts and you get divorced, such liabilities need to be addressed during the divorce process. Our Morristown property distribution attorneys can tell you how this might work and how you can negotiate for a fair divorce agreement.

When Are Debts Considered Joint Debts?

Joint debts are any debts that you and your spouse have accumulated during your marriage. This can include purchases that you went in on together, like a new home or vehicle. This can also include one spouse’s debt though, like what you owe on your own credit card. If the debt was accumulated while you were married, it could be considered a joint debt.

Of course, this can be an issue if your spouse has racked up a significant amount of debt. It may be possible to argue that you should not be responsible for an ex’s shopping addiction or gambling activities. In a situation like this, joint debts could be solely assigned to one person to pay off. You would have to argue for it and make a compelling case for why you have no responsibility here though.

We should also mention that debts accumulated before marriage are seen as separate. If one of you came into the marriage with student loans or a mortgage, those aren’t things that are likely to be addressed during the divorce process.

What’s the Best Way to Negotiate Over Joint Debts?

You can go to court, but litigation is often expensive and time-consuming. When it comes to joint debts, you may be better off exploring alternative dispute resolution methods. There’s mediation, where a neutral mediator encourages you and your spouse to talk things out and address financial matters like this. You could also try collaborative divorce, where you and your spouse work with your lawyers and a team of professionals to make a fair deal.

You may not just be stuck splitting joint debts down the middle. Some liabilities could be assigned to one spouse, assets could be sold off to cover bills, and other solutions could be reached if you and your spouse are willing to have a discussion. An experienced attorney from our firm can help you find the best way to solve your issues and come to an agreement on joint debts and anything else.

Meet With Our Experienced Family Law Attorneys

If you are concerned that joint debts will be a sticking point in your divorce or you’re worried that your spouse will try to push responsibility for their own debts onto you, you need a lawyer. Contact Lazor Rantas, PC to schedule a consultation and learn more about how we can help you deal with joint debts and ensure that you are treated fairly.