Division of Debts
During marriage, partners share their assets as well as their debts. Therefore, when a couple decides to get a divorce, both their assets and their debts must be divided between them. This is a standard process in any divorce, but it can still serve as a major source of stress, especially if you do not know which debts will be considered joint property or if you do not have a lawyer who can help protect your rights.
Which Debts Are Divided?
New Jersey law requires an “equitable distribution” of a couple’s property during divorce, which means that assets and debts must be divided fairly, not necessarily equally. However, this only applies to marital property, so if one spouse came to the marriage with debt, he or she will still be solely responsible for that debt after divorce.
Some debts that are typically divided between spouses during divorce include:
- Vehicle loans
- Personal property debts
- Credit card debts
Since everyone’s divorce case is different, it is difficult to give an exact estimate as to what your debt responsibility will be. However, a legal representative who is familiar with your divorce proceedings can help you get a better idea of the debts you may be required to pay following divorce.
If you or someone you know is going through a divorce and you have questions about dividing your debts fairly with your spouse, the experienced Monmouth Country division of debts attorneys of the Law Office of Andrew A. Bestafka, Esq. may be able to help you. To learn more about how you can get a divorce settlement that best suits your individual needs, contact us today by calling our offices at (732) 898-2378.