What happens to shared debts after divorce?
September 8, 2023 | 30,00 EUR | answered by Johann König
Dear Divorce Lawyer,
My name is Isabel Schmitt and I am facing a difficult situation. My husband and I have decided to get a divorce, and now I am concerned about our joint debts. During our marriage, we took out loans together and I am wondering what will happen to these debts after the divorce.
To provide some background: My husband and I took out a loan together to finance our house, and we also have other joint debts that accumulated during our marriage. Now I am wondering who will be responsible for these debts after the divorce and how they will be divided.
My main concern is that I will not be able to bear the debts alone after the divorce and that my husband may refuse to take his share of responsibility. I want to ensure that I am not financially burdened when we get divorced.
Therefore, I am wondering what will happen to our joint debts after the divorce. Are there legal regulations on how debts are divided? Can I protect myself from being held responsible for my ex-husband's debts? Are there ways to divide the debts fairly so that neither of us is disadvantaged?
Thank you in advance for your help and support on this important matter.
Sincerely,
Isabel Schmitt
Dear Mrs. Schmitt,
I understand your concerns and am happy to assist you with advice and support to help you in your situation.
With regard to the joint debts during your marriage, there are legal regulations that determine how these will be divided after the divorce. In general, you and your husband as spouses are jointly liable for the debts incurred during the marriage. This means that both parties are responsible for the entire debts, regardless of who took out the loan or who caused the debts.
During the divorce proceedings, the court will make a decision on how to divide the debts. It will take into account who was in a better financial position during the marriage, who caused the debts, and who is better able to handle the debts after the divorce. The court will try to find a fair and just solution that considers both parties appropriately.
However, it is important to note that the court cannot make a decision on dividing debts that were incurred before the marriage or that were caused by one of the spouses alone. In this case, the person who incurred the debts is usually solely liable.
To protect yourself from taking on your ex-husband's debts, it is advisable to create a detailed list of all joint debts and, if necessary, consult a lawyer to represent your interests. You should also consider whether it is possible to reach an agreement with your husband that regulates the division of debts and ensures that you are not unfairly burdened.
Overall, you should seek advice from an experienced divorce lawyer during the divorce process to ensure that your financial interests are protected and you are not unfairly disadvantaged.
I hope this information is helpful to you and I am available to clarify any further questions you may have.
Sincerely,
Johann König
Divorce Lawyer
