How is marital debt distributed?
In Texas, when it comes to marital debt, it is distributed in a manner that is determined by the court. The court will make decisions based on the specific facts of the divorce case. Generally, marital debt is divided in a way that is fair and equitable to both parties. In some cases, the court may award one spouse the majority of the marital debt based on factors such as ability to pay, earning capacity, or the contributions each spouse had to the acquisition of the debt. The court will consider the amount of spousal support or property division as well. In some situations, the court may order that the debt be paid in a lump sum. The court will also consider whether it would be better to order that the debt be divided and repaid over time. In any case, it is important to understand that, depending on the circumstances, either spouse may be held liable for all or part of the marital debt. It is best to work out an agreement concerning the division of the marital debt that both spouses can live with.
Related FAQs
What are the legal requirements for a divorce?What is a contested divorce?
What is division of marital property?
What are child custody and visitation rights?
What forms do I need to file for a divorce?
What is a fault divorce?
What is the difference between a legal separation and a divorce?
Can a divorce be overturned?
How does a court decide who gets custody of the children in a divorce?
What is an uncontested divorce?
Related Blog Posts
How Divorce Law Impacts Your Finances: Key Facts & Tips - July 31, 2023What You Need to Know About Divorce and Child Custody - August 7, 2023
Navigating Divorce Mediation: What to Expect - August 14, 2023
Understanding the Difference Between Divorce and Legal Separation - August 21, 2023
The Impact of Divorce on Alimony & Property Division - August 28, 2023