Top Things You Should Know About Getting a Divorce When You and Your Spouse Are in Debt
If you are getting a divorce, you might have a lot of questions about how things are going to go. One thing that you could be thinking about might be the debt that you and your spouse are in. You could be wondering how the debt will be handled and what your financial situation is going to be like when you get divorced. It's understandable to be concerned about your debts and financial future, but you can be a little more prepared to handle the situation by being aware of the following things.
Your Divorce Might Be a Little More Complicated
First of all, you should know that being in debt as a couple when you're getting a divorce can make things more complex. You don't want to end up paying more than what is fair. You may find that you and your ex-spouse will argue more and have a more difficult time coming to an agreement due to the debt, so mediation might not really be an option. You shouldn't try to handle a divorce that involves debt on your own. Instead, you should find a lawyer who has experience with handling these types of divorces.
You Might Not Be Responsible for All of the Debts
You might assume that all of your marital debts will be split in half between you and your spouse, and this is often the case. It's not always the case, however. You may not be considered responsible for debts that your spouse had before you got married. Additionally, you might not be responsible for debts that your spouse took out for personal reasons and without your knowledge, such as if your spouse has gambling debts. You should talk to your lawyer about the nature of all of your different debts so they can help you ensure you aren't held responsible for debts that are not your fault.
A Debt Repayment Plan Will Be Figured Out
Generally, a debt repayment plan will be figured out that allows you and your spouse to cover your marital debts during and after your divorce. How the plan will be written depends on things like how much debt you and your spouse have, who has the financial means to pay the debts, and more.
Getting divorced can be stressful, and being in debt can be stressful. If you are dealing with both at the same time, then you might be really stressed out. This is understandable, but if you work with the right divorce lawyer and keep these things in mind, you should be able to handle your divorce in the best way possible.
For more information, contact a local family lawyer.