When a marriage ends, a couple has to decide how to divide their assets. But not only do Ohio couples have assets to divide, they have the same issue with debts incurred during the marriage. Getting a divorce means having to sort through what is owed to creditors. The kinds of debt in question could include credit cards, lines of credit, auto loans, mortgages and even student loans in certain instances.
Ohio is an equitable distribution state, which means debt amassed during a couple’s marriage is the responsibility of both individuals. However, if one person opens a bank account in his or her name only, debt associated with that account is typically the sole responsibility of the account holder. Debt incurred after a couple separates is where it can get a little murky. Usually, much hinges on whether or not spouses took on the debt jointly or individually.
One way in which to make sure each soon-to-be former partner sticks to the division of debts is to have a separation agreement written up. This document should clarify who gets what and who is responsible for each debts incurred as a couple. It is to each person’s benefit to iron out these details rather than having a judge decide.
There are many things to think about when a divorce is imminent. Ohio residents going through the divorce process might be able to get clarification on those legal issues they feel are confusing — like debts — by getting independent legal advice and guidance. A lawyer always has the best interests of his or her client at heart and may be able to make suggestions upon reviewing individual cases.