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How is debt responsibility apportioned in a divorce?

On Behalf of | Jul 1, 2018 | Divorce |

Making the decision to divorce in Georgia is never an easy one. Once the decision is made, arriving at a final settlement can be difficult and become contentious. This is particularly true where financial matters are concerned. These matters can add to the complication of a divorce.

One area of concern is who is liable for incurred debts. In most cases, shared debts apply only to obligations that were entered into after the marriage. Debts that precede the marriage would most likely stay with the party that incurred the debt. This would possibly apply to such obligations as student loans or an automobile loan, for example.

Post marriage debts are handled differently, depending on where a person lives. Georgia is an equitable distribution state as opposed to a community property state. This means that the court can take into consideration the ability to pay when assigning responsibility for debts. In a community property state such obligations may be split 50/50.

When a person in Georgia makes the difficult decision to divorce, there are many factors that need to be considered. Financial matters may be a major consideration. A confidential conversation with a lawyer experienced in dealing with divorce may help to provide some clarity and direction in a very difficult situation. A knowledgeable attorney can review a person’s circumstances and advise one on the best path to pursue to achieve the best possible outcome for his or her client. An experienced attorney can also be a calming presence in what can be a very emotional situation.


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