Debt and Divorce

If you’re going through a divorce, you’re probably getting used to having to divide up everything you
own as a married couple: the china, the furniture, the record collection. What you may not have thought
about, though, is debt. Any debt your marriage has accrued over the years also needs to be divided up
and paid off. But how does it get divided, who gets what, and how does it get paid off? If you or someone
you love is going through a divorce and has questions about how debt will affect the process, contact
the West Palm Beach divorce attorneys of Eric N. Klein & Associates, P.A. by calling 561-353-2800.

The division of debt is largely predicated on the account on which the debt was acquired. In general,
there are two types of credit accounts: individual and joint. An individual account is opened by a single
person, and any debts on that account are the responsibility of that person. When that person files
for a divorce, the debts on that account are not assigned to the spouse of that person.

A joint account, however, is the responsibility of both spouses, even when the marriage ends. The amount
that each spouse will have to pay back and a timetable for the debts may be drafted up in the divorce
documents; however, it is important to understand that the credit company to which you owe the money
is not involved in the divorce agreement. If you and your spouse have $100,000 in debt when you divorce
and both agree to pay back $50,000, the credit company may come to collect money from you if he or she
is not paying back the debt.

Contact Us

If you’re going through a divorce and are concerned about how you’ll pay back your debt afterwards,
contact the West Palm Beach divorce lawyers of Eric N. Klein & Associates, P.A. by calling 561-353-2800.