It’s very possible that, no matter how good you are with money and no matter how good your credit is, you could be at a loss when it comes time for divorce.
When married in the first place, partners share finances such as home ownership and bank accounts. One spouse may be making the income while the other spouse isn’t working. Let’s hope that neither spouse is fiscally irresponsible.
In other words, either spouse could incur debt before or during the marriage. Both spouses could incur debt while the marriage is going on. If this is the case, credit could easily be affected. Any joint debts with your spouse will appear on your credit report, which includes the hassle of late payments.
It’s understood that in a marriage, any “debt that you incur jointly as a couple will be yours to share ’til death do you part”, according to Casey Bond of the Huffington Post. Even if your spouse had incurred debt without you knowing about it, it could still equally become your responsibility by the time a divorce process is in place.
A 50-50 split of assets is especially true in Louisiana, which is a “community property” state, as opposed to most states that have a “common law marriage” system. In a community property state, all incurred debt during the marriage is the responsibility of both parties, no matter what. By using your own money to help repay debt, it’s unlikely you’ll see that money come back, if a divorce were to result.
Want to protect your assets while moving towards divorce? Having some concerns about the divorce process? Contact divorce lawyer Taylor Fontenot. At Southern Oaks Law Firm, Taylor believes his role is to protect your rights and interests while simultaneously working with everyone involved in order to minimize collateral damage and resolve disputes timely and efficiently.