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.