Dividing Debt for Divorce

When most people think of divorce, they think of a separating couple arguing over who gets the couch, the car, the house, and other assets. However, couples often have more to divide than just property. In many cases, they must also divide up debts.

No one wants to be saddled with large amounts of debt. In some cases, filing for bankruptcy is a good way for a couple to halt their debt collection so that they can decide who is responsible for what. If you are facing divorce and have questions about filing for bankruptcy as well, you should contact an experienced West Palm Beach bankruptcy lawyer from Eric N. Klein & Associates, P.A., at 561-353-2800 today.

What Counts as Joint Debt?

As with property, there is a general rule of thumb that you can use to estimate how to divide debt. Any debt acquired before the marriage, such as student loans, is often still the sole responsibility of the person who took out the loan prior to marriage.

On the other hand, any debt incurred during marriage, especially under a joint account, must be split between the couple. This typically holds true even if the purchases were not agreed upon by the couple. For example, if one spouse had a shopping addiction and racked up debt under a joint account, both members of the marriage can be held responsible for repayment.

Contact Us

Filing for bankruptcy along with divorce is a major decision. If you are dealing with both debt and the dissolution of your marriage, you should talk to a lawyer about your options. Contact a West Palm Beach bankruptcy attorney from Eric N. Klein & Associates, P.A., today at 561-353-2800 to discuss your case.