The marital debt can end up being important when divorce negotiations are ongoing, but does this debt affect how you arrive at an alimony arrangement? Usually, the two things are not too closely related. Our Sparta property distribution attorneys can help you get a fair deal in all aspects of your divorce agreement and tell you more about how debts and other factors can affect alimony payments.
How Would Marital Debt Affect an Alimony Arrangement?
Marital debt is debt that belongs to both you and your spouse. This is usually debt that you have taken out together during the course of your marriage, but sometimes an individual debt can start to be considered marital debt if money gets commingled.
In most cases, marital debt is not usually a major factor considered when an alimony agreement is being worked on. Instead, this debt is split up among both spouses in an equitable way. Then alimony is usually negotiated based on other factors, like the length of the marriage and the financial need of a spouse.
What is the Difference Between Marital Debt and Separate Debt?
Marital debt is shared, but separate debt is usually debt that was brought into the marriage by just one partner. If you had credit card debt or a student loan before marriage, that debt is not marital debt. If you still owe on those debts at the time of your divorce, you are probably going to leave the marriage with them and your former spouse will not be responsible for them at all.
Can a High Amount of Debt Change Alimony Considerations?
Now, if one spouse has a lot of separate debt, that could impact their financial situation. The court might consider that debt along with other factors when deciding how much alimony that spouse should receive.
What if a Debt is Just Run Up By One Spouse?
Sometimes a debt is run up by just one spouse, and it does not seem fair to stick the other spouse with the burden of being responsible for it. This is a problem people commonly deal with when divorcing a drug or gambling addict.
If one spouse has run up debts and squandered marital assets, that can actually affect how much alimony the other spouse receives. The court could decide that the “innocent” spouse should not have to live a reduced quality of life just because their partner acted in a destructive manner. This could mean that they receive a more favorable alimony agreement.
Schedule Your Consultation
If you are getting a divorce, you want experienced family lawyers on your side who can help you fight for the best possible outcome. So contact Paris P. Eliades Law Firm, LLC and schedule a consultation today. We would love to tell you more about what we can do for you.