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Coming to the realization that things are not working out in your marriage can be overwhelming. If you have already tried counseling and support groups, you are likely ready to file for divorce. There is no reason to remain in a failed marriage, even if you have children. Sometimes, remaining in a toxic relationship just for the kids can wind up causing more harm than good. As you prepare to file for divorce, it is important to understand how debt is divided in a New Jersey divorce.
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How is Debt Divided in a New Jersey Divorce? Coming to the realization that things are not working out in your marriage can be overwhelming. If you have already tried counseling and support groups, you are likely ready to file for divorce. There is no reason to remain in a failed marriage, even if you have children. Sometimes, remaining in a toxic relationship just for the kids can wind up causing more harm than good. As you prepare to file for divorce, it is important to understand how debt is divided in a New Jersey divorce. What the Court Must Determine Before any debt can be divided between the two spouses in a New Jersey divorce, the court must determine the following in relation to the debt: ? Confirming that the debt actually exists using documentation ? The type of debt (whether it is non-marital or marital) ? How the debt will be allocated (which spouse will be responsible for paying it) In order to prove the debt exists, the court will ask to see credit card, mortgage, and auto loan statements. Marital debt is defined as any debt incurred during the life of the marriage by one or both spouses. Marital debt also includes debt incurred for household necessities, such as groceries, clothing, cars, utilities, medical bills, and any other household necessity. What is Non-Marital Debt? Non-marital debt is defined as any type of debt that is brought into the marriage by one or both spouses. It can also be debt that accrued after the marriage ended (date the couple officially separated). A non-marital debt can also be debt accrued during the life of the marriage that was not used to benefit the marriage. Any debt used for drugs, an affair, gambling, or other misuse will be considered non-marital debt. Dividing Debt The court will make a decision as to how debt will be divided if the couple cannot come to an agreement on their own, which is perfectly acceptable. The court will examine different factors when determining who will be responsible for paying debt and how it will be split. Once the court determines who will be responsible for which account, that person must make payments in accordance with the law. If one of the spouses decides that he or she does not want to pay the debt, or does not have the financial means to pay the debt, the creditor who holds that debt can go after the subject. Even though your former spouse is responsible for the debt, according to the divorce decree, you can still be held responsible by the creditor for lack of payment of the debt. You can petition the court to
enforce the divorce decree if your former spouse fails to pay the debt for which he or she is responsible. Headed for Divorce? Contact an Experienced Family Law Attorney Today If you are ready to file for divorce in New Jersey, it is in your best interest to speak to an experienced divorce attorney about your situation. Explain what has gone wrong in your marriage and how you have tried to fix it. Schedule your consultation today by calling the office of Giro Law at (201) 690- 1642.
