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What happens to your debt in a divorce?

On Behalf of | Mar 24, 2021 | blog, family law |

When you file for divorce, one of the main factors you have to work through in the courts is your finances, and what happens to the money and assets you share with your spouse in New Jersey. This also includes any debt that you’ve acquired during the marriage.

In most cases, debt is divided in the same way the property and assets are divided between both spouses. Every state handles debt differently, but New Jersey enforces equitable distribution in property division cases.

What to do if your spouse doesn’t pay their share of the debt

There are times with one of the spouses fails to pay their portion of the debt. If your spouse is refusing to pay off the balances and you’re frequently contacted by creditors, there are steps to take to protect yourself. Consider petitioning the court to enforce the division of the debt in the divorce if haven’t been able to resolve it. Your ex-spouse will be required to explain why they’ve failed to pay their share of the debt, which can result in jail times or fines, depending on the severity of the situation.

It’s best to attempt to clear the debt before the divorce is finalized to avoid having ties with your spouse when you’re trying to separate.

Who can you contact for legal assistance?

If you’re ready to file for divorce, contact a divorce attorney who has experience and can guide you through the process. The legal professional will answer your questions and inform you of your rights while fighting for you to receive your fair share of your assets and money. You can also contact a legal professional for similar matters related to spousal support, child custody, domestic violence, child relocation, and child custody modifications.