How Debt is Divided in an Oklahoma DivorcePutnam Law Office
There may be couples out there who have the money to buy what they need without taking out credit or who live with strict financial policies that allow them to be debt-free. However, for most married couples, there is usually some amount of debt shared between spouses. If divorce happens, that debt is not eliminated and still has to be repaid.
If you are going through a divorce in Oklahoma, you may be wondering what happens to your marital debt and how your divorce will affect your obligation to repay it. The Oklahoma City family law attorneys at the Putnam Law Office can provide more resources and answers to this question and all others related to family law and divorce in the Sooner State.
What Happens to Debt When a Couple Divorces in Oklahoma?
One may think that when divorce happens, everything is just split down the middle, so each spouse gets an equal portion of assets and financial obligations. However, this is not the case. Assets, wealth, and debt are divided based on what is determined to be fair.
The term “fair” may seem like it is only right to split things up 50/50, but depending on a couple’s circumstances, an even split may not be the fairest determination. Consider this, there is a combined and legitimate debt between spouses, but one spouse makes considerably more than the other and could have a greater ability to pay more of the debt than their ex. Or, one spouse may have certain life limitations which make their ability to earn a decent income impossible, and so it will be incredibly difficult for them to pay off debt.
Potentially, one spouse may have debt that is not marital debt but theirs alone. Even if the debt was amassed during a marriage, if one spouse was accumulating substantial debt in their own name, they may be responsible for paying it by themselves. Yet, it still could be the case that circumstances call for one spouse to pay the other’s debt.
When divvying up debt, it is usually best for divorcing spouses to come to terms together and make an agreement. And despite the final resolution needing court approval, the alternative is struggling to work out marital debt and then having to fight about it in court.
When a divorce has to be litigated in court because a couple cannot compromise and agree, this can make the divorce process much more stressful. Court battles generally lengthen the time it takes to finalize everything, and they cost more too.
Speak with an Attorney at the Putnam Law Office
Getting everything resolved in a divorce can be a challenging task. Issues related to finances and money tend to be some of the most difficult. If you and your ex can navigate the process cooperatively and together, this can make the entire experience much less trying, and things can move along more smoothly.
For help with divorce in Oklahoma, please call an experienced attorney at the Putnam Law Office to schedule a free consultation at (405) 849-9149.