Every time you think of the possibility of going forward with a divorce, you may shut down this idea over the stress and fear of how this might impact you financially. Not only is the divorce process itself costly, but you may be well aware of both your and your spouse’s significant separate and marital debts. Well, if this is the only thing holding you back, please continue reading to learn how debts are typically divided in a divorce and how an experienced Bergen County equitable distribution attorney at McNerney & McAuliffe can work to ensure you are fairly held responsible for only certain debts.
Will I be responsible for my spouse’s separate debts in a divorce?
Before you married your spouse, you may have known about the significant amount of student loans they had taken on. And as your marriage is now ending, you may still be under the impression that they are nowhere near their final payment. Well, you may rest easier knowing that this student loan debt may be considered a separate debt since it was incurred before your marriage. Therefore, you may not be held responsible for contributing toward its payments after your divorce case.
Contrary to what you might initially believe, some debts your spouse incurred during your marriage may still count as separate debts. For example, they may have hefty credit card debt after purchasing luxury items for their personal enjoyment. Or, severe medical bill debt after undergoing elective surgeries. Essentially, any debt that is unrelated to the benefit of your family unit may be argued as a separate debt.
How can I anticipate debts being divided in a New Jersey divorce?
Your marital debts will inevitably be divided between you and your spouse in your divorce, per the state of New Jersey’s equitable distribution statute. Here, the family court handling your divorce case may coordinate a split that is arguably fair and just, not one that is precisely 50 percent and 50 percent. For this, the court will look into the following external factors:
- Your and your spouse’s capabilities for handling certain amounts of debt given your established alimony and child support orders.
- Your and your spouse’s capabilities for handling certain amounts of debt given your incomes and earning capacity.
- Your and your spouse’s individual contributions toward paying off the given debt during your marriage.
- Your and your spouse’s levels of benefit experienced from the debt during your marriage.
- Your and your spouse’s terms and conditions for handling marital debts in your prenuptial agreement, if applicable.
- Your and your spouse’s actions of economic fault in anticipating of getting a divorce, if applicable (i.e., intentionally wasting marital assets).
If you require legal representation, look no further than a skilled Bergen County family law attorney. The client testimonials on our website speak for themselves, saying that you will not regret hiring the team at McNerney & McAuliffe.
