Avoiding Surprise Debt
Obviously, both husband and wife are expected to meet any financial obligations taken on during a marriage. And, naturally, after a divorce is finalized, neither is responsible for the other’s debts after that time. However, during the period known as separation, things can tend to be a bit more complicated. As a rule of thumb, debts incurred after the separation date are the responsibility of the party that generated such. However, the one notable exception would be those debts created by what are known as "family necessities". In other words, one spouse may run up a tab for things such as food, clothing, shelter, or medical care and may rightfully expect the other spouse to assume a portion of that obligation. Children by nature tend to create many of these family necessities. In the eyes of a court of law, it is these types of obligations that are of paramount importance.
It is also important to be aware that the general rule pertaining to separation period debt is not necessarily written in stone. It is possible and there have been many instances where a creditor will attempt to collect from one spouse an outstanding bill accumulated by the other during the separation period. Also, derogatory credit marks accumulated by one spouse may be indeed transferred to the other’s credit standing, often without that spouse’s knowledge. It is for this reason alone that it is never unwise to strongly consider the closing of all credit cards, etc., just after the decision to split is reached.
Resources & Tools
ASSETS AND LIABILITIES – A property settlement must deal with what a couple own and owe, both as individuals and as a couple.
Easily Connect With a Lawyer or Mediator
Have Divorce Professionals from Your Area Contact You!
Divorce & Money: How to Make the Best Financial Decisions
What Happens to the Marital Home Upon Divorce
|Your Right to Child Custody, Visitation & Support
Cover Price: $
Your Price: $17.95
You Save: $7.00
"A Plain English Guide to Protecting Your Children"
Author: Mary L. Boland, Attorney at Law
|The information contained on this page is not to be considered legal advice. This website is not a substitute for a lawyer and a lawyer should always be consulted in regards to any legal matters. Divorce Source, Inc. is also not a referral service and does not endorse or recommend any third party individuals, companies, and/or services. Divorce Source, Inc. has made no judgment as to the qualifications, expertise or credentials of any participating professionals. Read our Terms & Conditions.|