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Addressing the topic of debt during a divorce

On Behalf of | May 3, 2022 | Divorce |

When facing the end of a marriage, it might not be uncommon for many individuals in Mississippi and elsewhere to have concerns about how the outcome might affect their financial futures. While creating a strategy for negotiations, it might be helpful not to overlook certain topics, such as those pertaining to debts. As debts could play a significant role in the outcome of a divorce, addressing such issues could prove vital to preparing to protect one’s future. 

The topic of debt 

One of the first things to address may involve understanding that marital debts will likely be subject to the process of property division. This could include anything from mortgages and auto loan debts to remaining balances on joint credit card accounts and medical bills. It may also be vital to know that even debts incurred during separation could still be deemed marital property in certain scenarios. 

While one party may agree to take responsibility for certain debts during legal proceedings, this might not absolve one from liability. Should this party fall behind on joint debts, creditors may retain the right to reach out to the other person for payments, regardless of what the divorce decree states. Keeping track of joint debts may be integral to ensuring accounts remain up to date and preventing such issues from taking a toll on one’s credit score. 

Legal proceedings 

Addressing marital debts may be just one example of a vital topic to address when facing a divorce. Individuals in Mississippi who wish to protect their financial futures might find it helpful to retain the services of an attorney for guidance in covering every essential aspect involved with the process. An attorney can help address all a client’s concerns, provide insight on what to expect from the process, and assist in creating a strategy that best aligns with his or her wishes and needs for the future.