Marital Debts

Marital debt is any debt incurred by either spouse during the course of their marriage, regardless of whose name is on the account or who actually accumulated the debt. This can include various types of financial obligations such as:

• Credit card debt
• Mortgages
• Car loans
• Payday loans
• Other shared financial commitments

The key characteristic of marital debt is that it arises during the marriage and is considered joint or shared between both spouses. This means that in the event of a divorce, marital debt is typically subject to division between the spouses, often equitably but not necessarily equally. The division takes into account factors like each spouse’s financial situation and contributions.

Non-marital debt, by contrast, refers to debts incurred before the marriage or after separation, such as student loans or personal credit card debt not used for joint expenses. These are generally considered the responsibility of the individual spouse who incurred them and are not divided during divorce proceedings.

It is important to note that even if a debt is in the name of only one spouse, it can still be considered marital debt if it was incurred during the marriage and for marital purposes. Courts and attorneys often examine the nature and use of the debt to determine how it should be allocated fairly.

In summary:

Understanding marital debt is crucial during divorce to avoid being saddled with debts that were jointly incurred.