Division of Debts

When a married couple decides to get a divorce, they must come to terms on a divorce settlement. This settlement usually includes a division of assets and determines child custody, child support, and alimony. Additionally, this settlement determines the division of the couple’s debts.

Divorce is a complicated process and is often made more difficult when a couple has debts. If you and your spouse are currently headed toward a divorce, contact the Oceanside divorce lawyers of Fischer & Van Thiel, LLP at 760-722-7646 to discuss your situation with an experienced legal professional.

How Debts Are Divided

In relationships, there are two basic kinds of debt. One kind of debt is personal debt, which is debt attached to just one of the spouses. The other kind of debt is shared debt, meaning that both spouses are responsible for its repayment.

In a divorce settlement, typically only shared debts are divided. Personal debts acquired prior to marriage, such as student loans, generally remain the responsibility of the spouse to which they are attached. Shared debts may include any joint credit card accounts, home and car payments, and any other debts acquired while the couple was married.

In most cases, debts are split evenly. There are exceptions, such as when one spouse will be considerably better off than the other. To get a fair division of debts, it is important to have an experienced attorney protecting your interests.

Contact Us

Do not go through divorce alone. If you and your spouse are considering divorce, contact the Oceanside divorce attorneys of Fischer & Van Thiel, LLP at 760-722-7646 for a consultation with one of our legal professionals.