It can be difficult to prepare for certain changes in life, such as the end of a marriage. When facing divorce, individuals in Georgia and elsewhere may wish to prepare for what comes next by focusing on certain aspects of the process, such as the division of property. However, there may be other factors that could also have a substantial impact on the outcome of a divorce, such as the presence of marital debts.
Debt can come in numerous forms, ranging anywhere from credit card to medical bills, or even those pertaining to car or home loans. Much like assets, debts could fall under either separate or marital property. While debts that fall under the responsibility of one spouse may remain so following divorce, those that are considered marital could become a subject of debate during subsequent negotiations.
While a divorce decree may specify which spouse is responsible for certain debts, simply relying on the other party to make the necessary payments could prove detrimental. If both spouses co-signed for the debt, creditors may seek repayment from either party regardless of what a divorce decree states. Understanding how debts are divided during divorce and the potential consequences of failing to keep track of joint debts could help an individual avoid a potential disaster.
Divorce can be a stressful and daunting process, and with numerous factors to consider during this period, one may find it invaluable to seek guidance early on. Those who are facing a similar situation could benefit from speaking with a family law attorney for advice on covering every aspect of divorce. An attorney in Georgia can address a client's concerns and needs and assist in pursuing the best outcome possible during subsequent divorce proceedings.
Source: fool.com, "You Could Get Stuck With Your Spouse's Debt in Divorce", Christy Bieber, Nov. 16, 2017