Getting married is not simply sharing your emotional life with another person. There is generally an expectation of entangling every aspect of your lives together, including your finances. Married couples may decide to keep things separate for their own reasons, but upon a divorce, you may wonder if your partner’s debt is your responsibility. An Oklahoma divorce lawyer can help you answer this question.

Debt in a Marriage and a Divorce

In most cases, you are generally responsible solely for all the debt that you bring into the marriage. This debt can take the form of credit card debt, student loan debt, medical debt, and more. Your spouse is also responsible for the debt that they bring into the marriage. The one exception is if you were a cosigner for a loan or a joint bank account for your spouse prior to marriage. When you cosign someone’s loan, you are at least partially responsible for that debt.

Throughout the duration of the marriage, both spouses are likely to be held jointly responsible for all the debt accrued while they are married. If you are at all confused or misled by the amount of debt you may be responsible for repaying in a divorce, it is vital that you speak with an experienced divorce lawyer who can help you figure out what you are obligated to repay. They can also give you assistance with asset division or even child custody agreements.

When Would You Be Held Responsible?

In the state of Oklahoma, there are many different situations where you could be held responsible, at least partially, for your spouse’s debt in a divorce. It is vital to your financial security that you recognize these situations and do what you can to ensure you aren’t taken advantage of.

If you ever feel you are being taken advantage of by your spouse and should not be held responsible for any debt, reach out to a lawyer. Here are some situations where you could be held responsible:

  • Joint debts. If you ever find yourself dealing with a divorce, the judge presiding over your case is going to look through every possible joint financial effort that you and your spouse embarked on. Most of it, if not all of it, is likely to be considered your responsibility, at least partially. Joint debts include any credit cards with both of your names on them, mortgages for homes, and leases for vehicles.
  • Joint assets. Just as you will be held responsible for any joint debts, you will also be considered a partial owner of any joint assets that you and your partner acquired during the marriage. If your former spouse has outstanding debts, any creditors may seek to acquire your joint assets as a way to settle those debts. There may be little you can do to prevent this.
  • Wasteful dissipation. Wasteful dissipation occurs when one spouse spends marital assets in a particularly wasteful way without the consent of the other partner. This is often done to leave the other spouse with as little as possible in the event of a divorce, which can be considered an act of spite. If you are able to prove that your spouse is wasting your joint money on purpose, they could be held responsible for certain debts instead of you.

FAQs

Q: Are You Responsible for Your Partner’s Debt After a Divorce?

A: Generally, you will be held partially responsible for any joint debt that was accrued throughout the duration of the marriage, as will your former spouse. You will be held solely responsible for all the debt that you brought into the marriage, and your spouse will be responsible for the debt that they brought into the marriage.

When you finally do get divorced and you are able to untangle your financial connections, you are expected to move forward on your own.

Q: What Debts Are Considered Marital Debts?

A: Any debt that is accrued over the course of the marriage may be considered marital debt, regardless of which spouse acquired the debt. In a marriage, you are equally responsible for each other’s debt and assets, apart from debt that was acquired before the marriage. The exception is debt that was particularly assigned to a single spouse, such as student loan debt.

Q: Is Asset Division Equal in Oklahoma?

A: Not necessarily. In Oklahoma, asset division is done through equitable distribution, which is always intended to be fair, but that doesn’t always mean equal. All marital assets are divided between each spouse in as fair a way as possible. The court will have to take into consideration the length of the marriage, any premarital agreements, tax consequences, and each spouse’s earning capacity, among other factors. Couples can try to agree on things without the court.

Q: What Is the Difference Between Marital and Separate Property?

A: The biggest difference between marital and separate property is the time at which the property was acquired. Separate property is considered any property that was owned by either spouse prior to entering into the marriage. In most cases, this property is considered individual property and will not come up when the time comes to start dividing assets. Marital property is everything that was acquired during the marriage, regardless of who purchased it.

If You Need Legal Assistance, Reach Out Today

It can be frustrating, irritating, and even enraging to end up saddled with somebody else’s debt, especially somebody you may once have trusted implicitly. If you find yourself in this situation, it is vital that you take the necessary steps to try and protect yourself by understanding just how much debt you are going to be responsible for repaying. An experienced divorce lawyer can help you figure that out.

The legal team at Stange Law Firm understands how frustrating this situation can get, and we are prepared to help you handle it. We can help you devise a plan for repayment and pursue the right course of action that works for you. Contact us to speak with a valued team member.