It can be challenging to know what to expect from the process of preparing to dissolve a marriage. Individuals in Maryland who face a similar life change may wish to take every possible step to protect their future interests along the way, but they might need guidance in navigating this process. One topic that it might be helpful to consider could pertain to the role debt might play during a divorce, as this might be somewhat easy to overlook at times.
Debt in divorce
One example of a factor that might influence the role debt will play in a divorce could involve the topic of whether debts are marital or separate property. Any type of debt that is deemed marital will likely be subject to the process of property division. This could include anything from joint credit card accounts to jointly held mortgages.
Some types of debt can prove complex factors to consider, such as student loans. While a student loan may typically be separate, this might not be the case if the other spouse signs a letter of guarantee. Medical debts are another vital topic to address, as knowing whether these will be subject to property division could prove imperative. If two parties enter a separation prior to divorcing, knowing how to address any debts accrued during this period may also be integral.
Evaluating one’s situation
While knowing how to differentiate between marital and separate debts can be vital to preparing for a divorce, this might not always prove a simple task. Individuals in Maryland who have concerns about the role debt might play might consider speaking with a family law attorney for guidance in thoroughly evaluating their situations. In doing so, a person may obtain much needed advice in creating a strategy for divorce proceedings that meets his or her goals and needs for the future.