Dealing With Debt During Divorce
It’s routinely stated that 50% of marriages end in divorce. No matter how over- or understated that statistic may be, the truth is that many marriages do end. Part of splitting with your spouse means taking care of debt that was incurred during the divorce. In a perfect world, both people walk away responsible for the debts they created and with those debts in their own names. Unfortunately, that ideal state may be unreachable.
In a community property state, debt created during the marriage won’t necessarily be divided according to which spouse incurred the debt. Instead, you both may be equally responsible for debts that only one spouse created even without the knowledge of the other…Read the entire article by Latoya Irby on TheBalance