Will I Be Responsible for My Ex-Spouse's Debt?
Posted on Jul 16, 2014 8:52am PDT
When you file for divorce, part of the process involves property division.
This is a time to divide all assets in a fair manner according to the
property division laws that govern the Arizona courts. At this time, the
Arizona courts will also divide up debts, just like assets, so that they
are distributed fairly after the marriage.
Arizona is a community property state, which means that all assets and
debts that a couple acquires during their marriage belongs equally to
both spouse. Arizona does not require that the division of marital property
upon the time of the divorce be equal. Instead, it must simply be fair.
When the court divides marital property and debts, they will look at the
unique situation and carefully apportion the expenses. Debts accumulated
during the marriage, even if they were primarily accumulated by one spouse,
can be divided among both parties. While this may not seem fair, it is
the same as dividing an item of furniture or a home purchased by one party
among the two because it was accumulated during marriage.
Not all debt divisions are the same. A skilled divorce attorney can advocate
on your behalf in hopes of reducing the amount of debt you have to take
with you after divorce. Any debts accumulated prior to marriage will probably
leave the relationship with the individual who brought them in. For example,
if a wife has student loans that are not paid off, and they are from college
prior to marriage, she will probably have to assume responsibility for
those debts. On the other hand, if the wife went back to school during
the marriage and took out student loans, they may be both her responsibility
and her husband's.
If you want to learn more about how debt division will work in your specific
case, don't hesitate to
contact the firm right away. With the right attorney on your side, you will be able to
effectively argue through your property division to avoid being saddled
with debts that were accumulated by your spouse. Call today to get more