Columbus Georgia Divorce Attorneys
Divorce and Debts
Divorce and debts are two sides of the same coin. They go hand in hand. In a marriage, couples incur debts together and in many cases divorce stems from unresolved financial issues. Debts, on the other hand can keep you together even if you have no children in the marriage.
Community Property
The situation becomes more difficult if you are resident in a community property state. In a community property state debts and assets in a marriage are the combined property of both married individuals and hence both are responsible for payment of bills and debts. The problem becomes more prominent when you can be stuck with bills that were not aware existed. Your spouse could have another account unknown to you could even have maxed out credit on it. You too would be held responsible for the debts incurred by your spouse even if it occurred without your knowledge.
Responsibility for Finances
Divorce is by and far a very taxing time both in terms of emotions as well as finances. On one hand you are coming to terms with having to separate from your spouse with whom you would have spend considerable time and if children are involved, appeasing them and helping them come to terms with their parents getting separated would take a toll on your emotions as well as health. During this time if you find out that your spouse has been spending money behind you back with the result that you are now in more debt than anticipated, result is catastrophic.
Your credit rating can take a beating and credit score can plummet for more than 7 years. Moreover the divorce decree is not binding on the creditors who would come after you for the money even if it is your spouse who has to pay up. The circumstances are far from fair but happen all the time. You might have been a responsible person and financially disciplined too, but a divorce has cornered you. Consult your GA divorce attorney and act according to his guidance. Save all your receipts, get your wages garnished by a court order, until your spouse pays his portion of debts in totality.
If you and your spouse have active joint accounts, you are both responsible for debts on it. The best course of action to be adopted is to get your name off these accounts as soon as possible, preferable when you begin to think of separation, so that even if your spouse maxes out credit cards, you won’t be held responsible for the debts incurred thus.
Seeking legal counsel is mandatory if you and your spouse have incurred considerable debt during your marriage. Resolving financial issues in a marriage is cumbersome and if couples are not parting ways amicably, things can get ugly.