When your marriage simply doesn’t work out, you’ll need to make some decisions about your finances. While some things might have been worked out before you were ever married, it’s likely that both parties came in with their own debts or have gained some since they said, “I do.”
But how is debt divided in a divorce in Indiana? You don’t want to end up taking on debts for your former spouse, so speak with a lawyer at Rowdy G. Williams Law Firm. We can help you understand what you can expect from your divorce and help you through the dividing of debts and assets.
Debts Incurred Before Your Marriage
Many people come into a marriage with some sort of debt. Maybe you just finished college, or maybe you needed a car and you’re still paying it off. These debts may be lingering as you file for divorce.
Typically, debts should be divided as equally as possible. Bringing forth evidence that splitting debts evenly wouldn’t be “just and reasonable,” however, will change things. Debts gained before the marriage or put only in one person’s name may be left to only one or the other spouse.
If you signed a prenuptial or postnuptial agreement, you might have included notes about how the pre-existing debts should be split. This will be relevant information to tell your divorce lawyer.
Debts Gained After You Were Married
Your divorce documents will give you room to mark what debts or property will be the sole responsibility of one party or the other, but what can be done about joint debts?
Joint debts that are “just and reasonable” are typically divided as evenly as possible. For example, let’s say you and your spouse both had student loans when you started your marriage, and you’ve since bought a house and taken some credit card debt. While you may choose to split your student loans differently, debts for your marital property will likely be lumped together and evenly split between you.
You and your spouse may wish to divide things differently, based on what might be fairer to the both of you, but Indiana will default to splitting marital assets and debts as evenly as possible. A different arrangement will likely require the guidance of a qualified attorney.
Get Advice About Your Debt in a Divorce
If you’re considering a divorce, you may be concerned about the debts you and your former spouse have taken on since marriage or what you or your ex had before. You may not want to cover the expenses of someone you’re no longer married to, so you may have one question on your mind: How is debt divided in a divorce in Indiana?
The answer will partly depend on your situation. While Indiana’s default response is to split things as evenly as possible, this isn’t always fair, and you may need to fight for another arrangement. If you’re concerned about getting a fair division of debts, contact a lawyer at Rowdy G. Williams Law Firm. We can be reached at 1-812-232-7400 or via the online contact form below.