After making the decision to file for divorce, spouses will have to get a few matters squared away before the divorce can become final and they go their separate ways. Some choose to keep things amicable and negotiate, while others choose to let the courts and state laws determine the terms of their divorce. With either option, property division will be discussed.
A lot of married couples have property that they have acquired during the marriage, like houses, antiques and cars. Because these pieces of property have probably cost the couple quite a bit, they are what spouses often focus on when they are dealing with property division. It is important for things to be settled when it comes to these items, but debts are also property that couples shouldn’t ignore.
Debt is considered community or marital property. Unless the debt is specifically assigned to one spouse, they must divide this debt the way they divide the rest of their property. For example, a loan that is in one spouse’s name. In this case, it would be considered separate or non-marital property.
Property division is one of those divorce-related topics that can cause heated disputes between spouses. Regardless of how they feel about the property they actually want, if a debt is considered community property, spouses will have no choice but to divide whatever debts they have accrued. If you have questions about property division or debts that may be divided in the event of a divorce, you can speak with an attorney. They may be able to answer your questions and help with your case.