It is relatively common for couples in Maryland and elsewhere to accumulate a variety of financial responsibilities over the course of a marriage. Marital debts continue to be a common source of conflict in a relationship, and similar issues can also be of significant concern should a couple decide to part ways. As marital debts can have a significant influence on the outcome of a divorce, understanding the role they might play in the process could prove vital.
When facing the end of a marriage, one of the first steps to take in preparing for negotiations could pertain to identifying all sources of marital debt. Such debts can come in a variety of forms and fashions, ranging anywhere from outstanding balances on joint credit card accounts to auto loans. Mortgage debts can also have a substantial influence in the decisions one makes during a divorce, and in some cases, the presence of similar obligations could prompt discussions on whether it is best to keep the home or sell it and split the proceeds.
A person may also find it helpful to understand that even if one party agrees to responsibility for a joint debt during legal proceedings, there may still be some level of risk involved. Should accounts fall behind, creditors may still seek to hold the other party liable, regardless of what is stated in the divorce decree. One may also experience a similar outcome should the other party choose to file bankruptcy.
Knowing how to identify all sources of marital debt and understanding the impact similar obligations could have on the outcome of a divorce can be a stressful and daunting task. When facing a similar scenario, a person in Maryland could benefit from speaking with a family law attorney for guidance in making informed decisions about the situation. An attorney can help a client better understand what to expect from the process and assist in forming a strategy to pursue the most favorable outcome achievable concerning the future during divorce proceedings.