In New Jersey, debt incurred during marriage is divided similarly to assets, meaning spouses may share responsibility for each other's debts even if they were not directly involved in incurring them; therefore, it is essential to track and understand all marital debts early in the divorce process to avoid unexpected financial liability.
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His Debt. Your Problem.Hinzugefügt:
Don't assume that your spouse's debt is not your problem.
If you're getting divorced in New Jersey, a lot of people think, "Well, that's their credit card. That that's their issue."
Not necessarily. In New Jersey, debt can be divided just like assets, especially if the debt was incurred during the marriage.
So, what's the mistake? The mistake is ignoring it or not tracking it or not understanding where it came from. Then by the time it's addressed, you may be sharing responsibility for something that you didn't fully understand.
What's the smarter move?
Get a picture early on, assets and debts.
If you want to understand how this works, go to kaplandivorce.com and take the free course.
I break it down in plain English.
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