If you’re dividing assets, then you are also dividing debts. Any marital relationship likely has both, and while many people focus on the assets, the real risk is in assuming debts.

Thinking about debt has the potential to become overwhelming, but you have to remember that it won’t necessarily be divided equally. Instead, you will want to focus on dividing your debts, and agreeing to divide them, in a way that is fair to you both.

What kinds of debts will you need to divide during your divorce?

There are many kinds of debt that you may need to divide during your divorce, such as:

  • Credit card debt
  • Student loan debt
  • Car loan debt
  • Private loan debt
  • Mortgages

If you have a prenuptial or postnuptial agreement, the methods that you agreed to for dividing your debts will likely still be valid and used in this situation. However, your attorney will review those agreements to make sure that they are legally binding.

If you don’t have a pre- or postnuptial agreement, then you may want to negotiate with your spouse through alternative dispute resolution methods to determine how to divide your debts.

What are some ways to work out a good debt division plan?

There are many ways that people divide debts upon divorce, but there are some things to consider when you start. First, remember that you will reassume all debts that are solely in your name. Those are separate debts and not part of the shared debts in most cases.

For debts that both you and your spouse share, you may look into dividing the debt in half or by a percentage based on how that debt was created. For example, a credit card might have $5,000 of debt on it, but if your spouse purchased a large personal item for themselves with it, then you may both agree that they should assume that debt on their own.

Your attorney will help you negotiate and work out a plan for assuming or dropping debts as well as how to get those out of shared accounts and into your name alone.

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