Will I Be Responsible for My Ex-Spouse’s Debt?
When you file for divorce, part of the process involves property division. This is a time to divide all assets in a fair manner according to the property division laws that govern the Arizona courts. At this time, the Arizona courts will also divide up debts, just like assets, so that they are distributed fairly after the marriage.
Arizona is a community property state, which means that all assets and debts that a couple acquires during their marriage belongs equally to both spouse. Arizona does not require that the division of marital property upon the time of the divorce be equal. Instead, it must simply be fair.
When the court divides marital property and debts, they will look at the unique situation and carefully apportion the expenses. Debts accumulated during the marriage, even if they were primarily accumulated by one spouse, can be divided among both parties. While this may not seem fair, it is the same as dividing an item of furniture or a home purchased by one party among the two because it was accumulated during marriage.
Not all debt divisions are the same. A skilled divorce attorney can advocate on your behalf in hopes of reducing the amount of debt you have to take with you after divorce. Any debts accumulated prior to marriage will probably leave the relationship with the individual who brought them in. For example, if a wife has student loans that are not paid off, and they are from college prior to marriage, she will probably have to assume responsibility for those debts. On the other hand, if the wife went back to school during the marriage and took out student loans, they may be both her responsibility and her husband’s.
If you want to learn more about how debt division will work in your specific case, don’t hesitate to contact the firm right away. With the right attorney on your side, you will be able to effectively argue through your property division to avoid being saddled with debts that were accumulated by your spouse. Call today to get more information!