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Will debt be a major factor in your divorce case?

On Behalf of | Nov 18, 2022 | Divorce |

There are a number of issues in any given divorce case in Texas that can cause complications, from child custody and support to alimony and property division. But, for some people, the real problem is how to address debt as the marriage is dissolved.

So, will debt be a major factor in your divorce case? In might be, with the possibility of a mortgage, car loans, credit card debt and even student loan debt – among other possibilities – all being a part of the property and debt division issue in a divorce case. Recently, a news article presented some ideas about how to address debt as part of a divorce case.

Debt ideas

For starters, the recent article mentioned that it is a good idea to make a list of all of your debts in order to get a handle on what, exactly, you and your soon-to-be ex-spouse owe to creditors. From there it may become easier to determine who should take responsibility for which debts. Student loan debt, for example, may be easier to allocate responsibility for, while the mortgage may be a bit trickier.

Of course, assigning debt to one spouse or the other isn’t the only way to address overall debt from the marriage. As the recent news article mentioned, the divorcing spouses could agree to used combined savings to pay off certain parts, or all, of the debt. Or, they may agree to sell off assets, such as the house or vehicles, in order to satisfy outstanding debt. In the end, each divorce brings different factual and financial situations to the forefront. Getting the right legal information about your options could help you address debt, and other issues, in a divorce case in Texas.