Couples who divorce in the state of Maryland must come to an agreement about dividing their assets and property. If they do not, the court intervenes and makes the decisions, based on the equitable division model. Decisions must also be made about the other side of the balance sheet — the amount of debt that is jointly owed versus debt that belongs to only one party. You do not want to get saddled with paying off debts that are not your responsibility or having your credit rating damaged.
For advice about protecting your finances during and after a divorce, speak with a reputable Columbia divorce lawyer who can explain how marital debt is determined under Maryland family law. You want to get a clear picture of any potential financial liability in order to take steps to resolve as many issues as possible before your divorce is finalized.
One of the first things you should do after deciding on divorce is to dissolve any joint credit cards and open up credit lines in your own name. If your spouse runs up large credit card charges on a joint account while you are legally separated, the credit company may still hold you responsible, even when you are an ex-spouse.
Resolving debt issues during a divorce can be complicated. My goal as a divorce lawyer is to ensure that my clients get through their divorce with as much financial and emotional stability as possible. Call the experienced Baltimore County divorce lawyers at Huesman, Jones & Miles, LLC today at 443-589-0150 to discuss how you can best deal with the debt issues in your divorce proceedings. You may also contact us online.