How to Split Marital Debts

Dividing assets and debts is a crucial part of the divorce process.

Nobody goes into a marriage expecting to get divorced. But the sad truth is that approximately 50 percent of all marriages will end in divorce. The painful process of divorce involves dividing what was once merged. Just as a couple's assets will be divided, so will their debts. Among the shared debts a couple will have to separate may include a mortgage, cars, personal loans, taxes and credit cards. Dividing the debts quickly may be particularly important if your spouse is spending money recklessly.

Instructions

1. Make a list of all of the debts that you jointly owe as a couple. Any debt that is in both of your names is included. However, individual debts are not included, unless your state laws vary. Debts that you incurred before the marriage also do not count.

2. Meet with a lawyer or count-appointed counselor. Getting professional help will help you learn about any applicable state laws. A lawyer or counselor can also act as a mediator, which may be necessary if your divorce is especially bitter. Divide your debts according to whom is most capable of paying for them, if you can agree upon this.

3. Borrow money to pay off your share of the marital debts, if possible. If you borrow money and do not owe on marital debts anymore, all the debts will be in your name alone. Consider negotiating with the creditors to try to lower your interest rate, so the debt can be paid off faster. This option is more likely to be available to you if you have good credit.

References

• Dr. Phil: Marriage and Divorce: The Statistics
• Equality in Marriage: Divorce and Debt
• Woman's Divorce: Debts in Divorce