What Happens to Joint Debt During a Divorce?

During a divorce, property division is often a point of contention. But did you know that under family law, marital debts can also be divided? Even if you pay your share of the credit card debt, for example, you may still be held liable if your ex-spouse defaults on his or her debt payments. Contact a divorce lawyer in Glen Burnie to learn how your ex-spouse’s debt may affect your financial health. Divorce lawyers often recommend that their clients include an indemnification clause in the divorce decree to protect them in the event of default.

To learn more about indemnification clauses, watch this video or consult your divorce lawyers. This video explains why your family law attorney may advise you to close all of your joint accounts before getting divorced or to request that creditors freeze the joint accounts.