Mississippi Divorce Attorney Discusses the Role of Debt in Your Divorce Case

When many people decide to get divorced, they begin thinking about what they would like to come away from the marriage with. For couples with children, family time issues are likely to be at the top of the list of concerns. However, concerns about the property distribution are also often at the forefront because parents want to know how they will be able to provide for their own needs and the needs of their children. Property distribution concerns are also a top priority for couples without children, as the divorcing spouses want to know how they will be able to provide for themselves moving forward.

People’s thoughts about property settlement often involve which assets are most desirable. It is important to think about which items and assets are most important to you so that you can effectively negotiate a property settlement that meets your needs. It is also important that you think about the amounts and types of debts that you and your spouse are responsible for. These debts are divided during the property division process, right along with your assets.

On the surface, dividing debts during a divorce may seem like it could be a simple and straightforward matter, with each spouse taking on responsibility for approximately half of the debt, or whatever percentage of the debt could equitably be attributed to them. It is important that divorcing parties understand that although they are dividing up responsibility for their debts, the agreements that they reach of that nature do not impact the interests of the creditors to whom the debts are owed. In other words, creditors are free to pursue payment from either spouse, divorce decree notwithstanding. In other words, if your former spouse fails to pay the debts that they agreed to pay, the creditors will look to you for payment.

Dividing up debts and going in separate directions with the knowledge that creditors could still pursue payment from you if the other does not pay as agreed is not an ideal situation. Some divorcing couples do what they can to reduce the extent to which this happens in their divorce cases by paying off as many debts as they can prior to the divorce. For the debts that you cannot pay off before the divorce, it is a good idea to contact your creditors to inquire about any options that may be available to you. An example of an option which is available in some cases is the novation, where the spouse who would be keeping the debt submits an application to the creditor in an effort to qualify for the debt on their own. If they qualify, the other spouse’s name is removed from the debt and they cannot be reached for future payment.

The allocation of your debts is an issue in many divorce cases. Your Mississippi Divorce Attorney can help you to pursue a division of debts and assets that works for you. To find out how Mississippi Divorce Attorney Matthew S. Poole can help you with all aspects of the divorce process, please call our office today at (601) 573-7429 to schedule a free consultation.

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Mississippi Divorce Attorney Discusses the Role of Debt in Your Divorce Case
Mississippi Divorce Attorney explains how debt can play a significant role in your divorce case.