For many people who are getting ready to go through a divorce in Virginia, the process is all about regaining control over their own future. They may be in a relationship that simply is not improving no matter what they do, or perhaps something happened that makes reconciliation impossible. But, before they can look toward a possible brighter future in post-divorce life, most people have to address the past – and that means dealing with debt in a divorce.
Debt and divorce
So, how will debt impact your divorce? Well, like with most legal situations, the answer to that question will be dependent on the specific facts of any given case. However, there are some general principles that apply to debt in many divorce cases.
For starters, who accumulated the debt? Take, for example, the mortgage on the family home. In most cases, the names of both spouses are attached to that debt and, as a result, both have an obligation to pay it off.
The same can be said for credit card debt, in most situations. So, in the divorce, part of the larger negotiations around finances and property division will need to include how those debts are either split up, paid off or assigned to one party or the other.
However, other examples of debt, like student loan debt, for instance, may be the sole responsibility of the individual who took out those loans. This is especially true if the loans were accumulated when the individual was young – before the marriage, for example.
In the end, the impact of debt in your divorce case comes down to how much there is and how the spouses agree to address it as part of the larger financial picture. Each case is unique, so if you are getting ready to go through a divorce in Virginia be sure to know all of your options.
