Many of our clients facing divorce want to know how the courts divide marital debt in a divorce, as well as property.  Property division is often as equitable as possible.  This doesn’t mean equal, but fair based on income and sacrifices made during the marriage for the partner.  However, debts are slightly different.  While equitable division is the general basis, debts have some special rules.

Dividing Debt in Divorce:  Is It Marital Property?

Oklahoma law generally considers debt in two different categories.  The first is separate and the second is marital.  Separate property debts are borne by the party that incurs the debt.  So if a debt is separate and you did not participate in creating that debt, you are not responsible for it upon divorce.  One example of this would be student loans for a professional degree.  A professional degree gives you future benefits, and your ex-spouse will not be receiving the benefits.  As a result, it is only equitable and fair for your ex-spouse to not pay on the debt for it.  This does not apply to student loans that pay living expenses for a general degree during the marriage though.  Living expenses are from both parties, so both parties will be responsible for repaying the debts.

To Learn More About Regular Property Division, See Our Blog Article.

The process to Divide Marital Debt that falls under marital property designations is different.  It basically says that the debt occurred due to a joint attempt at increasing the quality of the marriage.  Whether this be in the form of a car loan, a marital home, or credit cards it can all attribute itself to the marriage.  Therefore, if a debt has collateral—like a loan—the debt generally becomes the responsibility of the person who gets to keep the car in the divorce.  However, all credit card debt generally divides equally.  This is because the debt is unsecured and there is not collateral to award to a party.

 Attorneys In Rogers County Can Help

Its not easy to understand the best way to divide marital debt in a Oklahoma divorce. Nobody wants to go through a divorce with the complications it brings.  But if you find yourself in this situation and have questions about how to Divide Marital Debt dividing debt in divorce, call our offices.  Your first consultation is free.  The Kania Law – Claremore divorce attorneys have the knowledge in family and financial law and the experience you need.  Get a free and confidential consultation by calling 918.379.4872. Or follow this link to ask a free on line legal question.