If you are getting a divorce, you are well aware that all of your marital assets and property will end up getting split between you and your spouse. What many are often less aware of is that, in addition to dividing marital assets, the court will also divide marital debts. Unless you have a prenuptial or postnuptial agreement that protects you from your spouse’s debts, or you and your spouse have the ability to pay them off before beginning the divorce process, you will have to negotiate this issue out of court or through litigation.
Dividing Debts During the Divorce Process
Debts are just as essential a factor to consider in a couple’s net worth as their assets, so take some time to examine all of your bills and financial statements to paint a more precise picture of your financial situation. Texas is a community property state, which means a judge will divide your debts as equally as possible during the litigation process.
Unfortunately, in some cases, an individual cannot or will not pay the debts the judge assigned during the divorce process. If this happens to you, the creditors may come after you to repay the debt. Of course, you should not be on the hook for paying off your former spouse’s share of debts. To protect yourself, you should petition the court to enforce the terms of your divorce. Your ex-spouse will be required to attend court where he or she must explain the non-compliance. A judge may punish your former spouse with fines or, under more severe circumstances, jail time.
Ultimately, getting a divorce while you and your spouse still have debts to settle can make the process substantially more complicated. The best option for both parties is to clear as much debt as possible before getting divorced. Even if you cannot clear all of it, easing some of these burdens before going to court will help ensure you and your former spouse will have an easier time paying off the remaining debts, so you can avoid attending court again.
Reach Out to One of Our Knowledgeable Divorces Attorney Today!
If you are getting a divorce and share a substantial amount of debt with your soon-to-be former spouse, you will need the legal assistance of a skilled family law attorney. At The Springer Law Firm, our team of divorce attorneys has more than 85 years of collective legal experience, which we will use to your advantage. We understand the difficulties you are facing and will help you navigate them with ease.
You should not have to go through this on your own, especially when the exceptional guidance you need is available to you.
Contact The Springer Law Firm today at (281) 990-6025 to set up a consultation with one of our compassionate family law attorneys to learn more about your legal options and how we can assist you.