Debt Division in Divorce

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Commonly Asked Questions about Debt Division in Divorce

Who is usually more financially affected by divorce?

Willardson pointed to a statistic from the Government Accountability Office which reports that, after a divorce, a womans household income drops by an average of 41%, almost twice the income drop experienced by men.

How is debt calculated in a divorce?

The court will divide up marital debt based on state law, following the same broad principals as with assets, typically distributing debt either equally (in half) or equitably (based on overall fairness). Once the divorce is final, each party is only liable for the debt they were assigned.

Am I responsible for my wifes debt in a divorce?

In most states, you are responsible for all credit card debt incurred in your name in a divorce. You will not be responsible for your spouses credit card debt if it is in their name only. In community property states, if the card originated during the marriage, you are responsible for 50% of the debt.

How to split debt during a divorce?

Like assets, debt is generally divided equally between spouses in a divorce. Of course, the debt you acquired prior to marriage and your acquired debt after separation is yours alone.

Who lost the most money in divorce?

Michael Jordans divorce in 2006 after 16 or 17 years from Juanita Jordan, $168 million ($254 million inflation adjusted). Boris Berezovskys divorce in 2010 after 18 or 19 years from Galina Besharova; estimated at $160 million ($224 million inflation adjusted).

Who loses more financially in a divorce?

Despite their best efforts to arrive at an equitable agreement, financial disparities between spouses after divorce are a reality for some couples. There is a good body of research on the subject that shows women bear the heaviest financial burden when a couple divorces.

Who loses the most in a divorce?

Though men can feel financially stressed after the divorce because they may have to pay alimony, child support, move out to another home, and generally spend more every month, many studies suggest that the economic impact of divorce adversely impacts women more than men.

Which spouse suffers more economically in a divorce?

Following a divorce, women are more likely to be impoverished than men. Women whose family income was below the national median and mothers who were not in the workforce before the divorce are very likely to experience poverty following their divorce. Economically, women suffer more from divorce than men.