When it comes to property division, many people have questions about how their assets will be split up, such as who will get the home. However, there are other legal topics related to the end of marriage that should not be overlooked, such as marital debt. For example, debts which a spouse takes on during the course of his or her marriage may be considered community property debts. In Houston, Texas, it is paramount for anyone who is thinking about divorce or already working through one to understand how these issues may affect them from a financial standpoint.
After a couple splits up, one spouse may find that a creditor is coming after them for payments over debt that their former spouse acquired. It is essential to be prepared for these situations and understand your responsibilities and rights. In some instances, such as debt that your ex-spouse took on before you were married, you may not be responsible for paying any of what they owe. However, it is very important to have a clear understanding of your obligations to avoid any further financial difficulties.
As if divorce is not emotional enough, the division of debt can create additional frustration. In some cases, a person’s financial irresponsibility and tendency to take on debt may even be the cause of a divorce. However, people may have an easier time working through these matters when they find answers to the questions they have. Our property division section provides more material related to community property and similar topics.