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Divorce and Debt .
  • Divorce and Debt

Divorce and Debt

In many divorces there is debt that needs to be considered. The type can vary but typically includes mortgages, student loans, credit cards, and vehicles. During divorce proceedings, couples will need to divide assets and debt.

The general rule is that if your debt was incurred at any time during the marriage, it will be divided between both spouses. For example, if you had opened a joint credit card, each of you will be responsible for the balance regardless of who did the spending.

Instead of dividing each debt in half, the court may assign one debt to one spouse and another debt to the other spouse. This means that if you and your spouse had multiple credit cards, you may be asked to pay off one of the cards and your spouse may be asked to pay off other cards, keeping the total debt for each of you equal. Keep in mind that no matter which spouse is responsible for paying the debt, all jointly held account debt will remain on your credit report.

Credit Reports and Divorce

It is important to check credit reports after a divorce to make sure that they do not include any debts that have been paid off or that are attributed to the opposite party. However, if a joint debt was incurred during the marriage both names may still appear on the report.

Be sure to consult your divorce and family law attorney for recommendations on how to handle your divorce and debt. There are strategies that can be put in place before the divorce proceedings that can make debt easier to manage after your divorce is final.

Thorsteinson Law Group is your trusted divorce and family law attorney. With offices in Long Beach and Huntington Beach, we serve clients throughout Los Angeles and Orange Counties.

Contact us today, we are here to help.

Huntington Beach Office

17011 Beach Blvd., Suite 900
Huntington Beach, Ca. 92647

Phone: (714) 375-6619
Fax: (714) 375-6621

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Long Beach Office

3780 Kilroy Airport Way, Suite 200
Long Beach, Ca. 90806

Phone: (562) 430-7676
Fax: (714) 375-6621

Driving Directions:
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