When two people get a divorce, they are often concerned with the division of assets. However, not many consider the financial implications that their collective debt will have on their divorce. The division of debt is just as important to discuss with your spouse and/or your attorney as the division of assets, as you might find that you share some or all liability for marital debts. At the Clark Law Group, our Dallas, TX divorce attorneys are experienced in helping clients manage their marital debts and in ensuring that they are not unfairly burdened with marital financial liabilities.

Determining Marital Debt From Separate Debt

Just as marital assets are defined as those acquired during a marriage, marital debts are debts and liabilities acquired by the couple during the length of their union. All debts acquired by each spouse prior to tying the knot are considered separate property and are not subject to division. Each spouse is responsible for whatever debts he or she brings into the marriage.