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How may debt assignment work in a divorce?

Most people in Rhode Island carry some form of debt. After all, as much as an individual would like to be able to live debt-free, the truth is that sometimes this simply isn't feasible. Debt, for better or worse, presents financial challenges for many individuals in the state.

Many married couples in Rhode Island are no strangers to shared debt that was accumulated during their marriage. While married they may open up joint credit card accounts, they may take on a mortgage to buy a house and more. That being said, not every marriage will last forever. While most people in Rhode Island understand that a couple's property will be divided in a divorce, what they may not realize is that debts will also be divided in a divorce.

Let's take a look at a common type of marital debt: a mortgage. Sometimes mortgage debt is assigned to the party with the higher income. Other times mortgage debt may be assigned to the party that was awarded physical custody of the couple's child. In either of these scenarios, it may be the case that one spouse will buy out the other spouse's equity in the residence. However, sometimes neither spouse wants to keep the home and the accompanying mortgage. In this situation, they may just choose to put the home up for sale.

Debt assignment during a divorce deserves careful consideration by both spouses. It can affect a person's entire financial future. After all, after divorcing spouses may be setting up a new household on a single income and may already be responsible for child support or spousal support. Therefore, spouses facing debt assignment may want to make sure they understand what they will be responsible for after the divorce is complete. To do so, they may want to contact a Rhode Island attorney, as this post cannot promise any specific result when it comes to debt assignment in a divorce.

Source: "What Happens to My Debt If I Get a Divorce?," Leslie Tayne, June 23, 2015

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