Some movies portray divorce as a stressful battle between two opposing forces that want nothing but to destroy each other. However, divorce can be quiet and calm, primarily consumed by paperwork and conversations about where the PS5 goes and who gets the mahogany table. There is also the critical topic of debts that may have accumulated through the years of marriage.
What are divorce debts?
Handling bills and debts during divorce can be complex, but resolving them is not impossible. Here is how it works in Texas:
- Community debts: The court divides debts accumulated during the marriage between the spouses. Some examples include car loans, mortgages, credit card debts and other financial obligations.
- Separate debt: Debts from before the marriage are separate and remain the responsibility of the spouse who incurred them.
- Interim arrangements: While the divorce is ongoing, the court can issue a temporary order to determine who pays for the bills until the divorce is final, which helps manage financial responsibilities and maintain stability.
- Final debt division: When the final divorce decree is issued, the court will inform both spouses about how they will settle the debts and bills.
Although the debts may be separated when the court gives the final divorce decree, if a spouse refuses or cannot pay their debts, creditors have a right to pursue the other spouse for repayment.
How can I protect myself from my spouse’s debts?
It is only natural for you to want to protect yourself from your spouse’s debts during your divorce. The first thing to do is get legal support to navigate the divorce proceedings. Separate your finances, which includes closing all joint accounts.
- Take note of your credit report so you are not surprised by new debts added to your name.
- Record all your financial transactions and debts.
- Notify creditors that you are going through a divorce.
Having a family law attorney is essential to keep you guided and focused through the complexities of debt and divorce.