When you get married, there are often certain expectations, especially when it comes to the combination of two separate lives into one married one. Married couples buy a home together, they may start a joint savings account, and they may decide to keep certain things separate for their own personal reasons. However, if your marriage ends in divorce, you may be reasonably concerned about your spouse’s debt. Consider speaking with an Oklahoma divorce lawyer.
Accruing Debt in a Marriage
Generally, you are solely responsible for all the debt that you bring into your marriage. This includes credit card debt, student loan debt, and medical debt, among other forms of debt. In a similar fashion, your spouse is solely responsible for all the debt they bring into your marriage as well.
The one exception would be if you acted as a co-signer for your spouse prior to marriage on a loan or if you opened a joint credit card account together. Co-signers are equally responsible for the debt.
During the marriage, both spouses may be responsible for all the debt accrued while married. It is vital that you understand just how responsible you may be for your partner’s debt in the event of a divorce. An experienced divorce lawyer can inform you of your obligation to repay the debt accumulated throughout your marriage and give you some insight on property division or custody arrangements in the event of divorce.
When Would You Be Responsible?
In Oklahoma, there are multiple scenarios in which you may be considered at least partially responsible for your partner’s debt in the event of divorce. It is important to recognize these scenarios and understand them if they were to happen to you. Here are some of the possible situations that could make you partially responsible for your partner’s debts:
- Joint Debts: In the event of a divorce, virtually everything that you and your partner took on together is going to be considered your responsibility, as well as your partner’s. This includes any joint credit cards that have both of your names on the account, as well as any mortgages or leases.
- Joint Assets: Any assets that you and your partner acquired during your marriage may be considered a joint asset. If a creditor is pursuing your ex-partner’s assets, they may go after your portion of ownership in order to settle a debt that is not owed by you but by your partner.
- Wasteful Dissipation: Wasteful dissipation is the act of spending marital assets in a wasteful way without the other partner’s consent. It is generally an act of pure spite, with the goal being to leave the other spouse with as little as possible to gain in a divorce. If you can prove that your spouse wasted money and assets intentionally with no goal other than to hurt you, they may end up responsible for certain debts.
Discussing Debt Before Marriage
One of the smartest things you can do is speak to your partner about any fears you have about marital debt prior to actually getting married. You should understand the amount of debt you may have as a couple and how to handle it together. You may even want to start planning out a repayment strategy. If only one of you is coming into the relationship with debt, you should discuss whether or not repayment is going to come from joint assets.
FAQs
Q: Are You Responsible for Paying Your Spouse’s Debts After a Divorce?
A: Generally, you are only responsible for paying for your own debts that you had prior to marriage or any joint debt that you both accrued during the marriage. Your spouse is solely responsible for the debt that they brought into the marriage and any debts that they have built up after the marriage. Once you are divorced and your finances are untangled, you are generally on your own.
Q: What Debts Are Considered Marital Debts?
A: For the most part, any debt that is built up over the course of the marriage can be considered marital debt, regardless of who in the marriage was responsible for the debt, unless it was assigned specifically to one spouse, such as student loan debt. If the debt was made by both parties, it would likely be considered marital debt, and it would be up to both of you to resolve it.
Q: How Are Marital Assets Divided in Oklahoma?
A: Oklahoma adheres to the practice of equitable distribution when it comes to asset division in a divorce. This means that all marital assets are divided between the two spouses in a fair and balanced way that may not necessarily be considered equal. The court will consider the length of the marriage, each spouse’s earning capacity, their specific needs, tax consequences, and more. Couples can try to work things out themselves without involving the court.
Q: What Is the Difference Between Marital and Separate Property?
A: The primary difference between marital property and separate property is when the property was acquired. Separate property is anything owned by both spouses that was theirs prior to getting married. Generally, it is not considered a marital asset and won’t come up in the divorce. Marital property is everything that was acquired during the marriage, such as the marital home, vehicles, and retirement assets, among other assets.
Reach Out to an Experienced Divorce Lawyer Today
Being saddled with somebody else’s debt, especially a former spouse, can be a frustrating and overwhelming situation. It is important that you do what you can to protect yourself and discover just how liable you are for the debt in your marriage. Reaching out to an experienced divorce lawyer for more information can make all the difference.
The legal team at Stange Law Firm understands how intense and difficult conversations about marital debt can be. We can help you figure out a solid plan and pursue the right information should you wish to seek a divorce. Contact us to speak with an experienced member of our legal team about your case.
