Reinstein, Glackin & Herriott, LLC
Schedule an initial consultation:
301-850-7349 |
Close

Property division includes debts as well as assets

Couples who make the tough choice to end their marriages know that the road ahead can be challenging. If you and your spouse in Maryland are in this position, it will be important for you to know how to advocate for your rights through every step of the process. A lot of attention in a divorce can be placed on who will get what asset. This may be a house, a vacation home, a boat, a retirement plan or something else. However, it is equally important for you to educate yourself on how debts may be split.

As explained by SoFi, you should not rely on your divorce decree to do all of the work in dividing your debts. This is because any creditor is bound by the terms of the credit agreement, not by your divorce degree. For example, if your spouse is supposed to make the mortgage payments but they fail to do so, the bank may contact you for payment if your joint home loan is still in effect.

It is preferable for you to ensure all joint debts are paid prior to the completion of your divorce. If this is not possible, they should be refinanced into new accounts with only one person's name on them.

If you would like to learn more about how to protect yourself and your financial future when you are negotiating how you and your spouse will split your assets and debts during a divorce, please feel free to visit the property division page of our Maryland family law website.

No Comments

Leave a comment
Comment Information
Email us for A response

Learn How We Can Help You

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Address

Toll Free: 800-237-3137

17251 Melford Boulevard, Suite 108
Bowie, MD 20715

Toll Free: 800-237-3137
Phone: 301-850-7349
Fax: 240-206-9207
Bowie Law Office Map

20 Courthouse Square, Suite 216
Rockville, MD 20850

Fax: 240-206-9207
Rockville Law Office Map

Review Us
When You Need Legal Advice For Life's Most Critical Problems, You Need Our Experience On Your Side.