How do I manage our debts in a collaborative divorce?

Dividing debts in a collaborative divorce can be a complex process. In Tennessee, the court may require you to file a financial affidavit that outlines your assets, debts, and income. It is important to be honest and thorough in this form, as it will serve as a basis for the court to make decisions about how to divide your debts. If you and your spouse are unable to agree on how to divide your debts, the court will decide based on the factors of each case, such as the incomes of each party, the duration of the marriage, and the contributions made by either spouse. The court will consider any debt that was incurred during the marriage, including credit cards, loans, mortgages, and other debts. To ensure a fair and equitable division of debt, it is recommended to keep detailed records of all debts, including the amount owed, who is the responsible party, and the terms of the debt. This can help to present a clear picture of each spouse’s assets and liabilities and make it easier for the court to make a decision. It is also important to note that any debts incurred after the filing of the divorce may not be part of the division of debt. This means that if one spouse takes on debt after the filing of the divorce, the other spouse may not be responsible to pay it. Therefore, it is important to be aware of your financial situation and to avoid incurring any additional debt without consulting a lawyer.

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How do I manage our debts in a collaborative divorce?

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