How are shared debts divided after the divorce?
August 31, 2022 | 40,00 EUR | answered by Erwin Evers
Dear lawyer,
My name is Max Ehrig and I am currently going through a divorce from my wife. During our marriage, we accumulated joint debts, for example, through a joint loan for the renovation of our house. I am concerned about how these debts will be divided after the divorce and how I should financially deal with them.
Currently, my wife and I share the monthly payments for the loan, but I fear that this will no longer be possible after the divorce. I wonder if I will have to take sole responsibility for the debts, even though we incurred them together. Is there a way to fairly divide the debts so that each person takes their fair share?
I want to avoid being financially overwhelmed after the divorce and would like to know how best to prepare myself to handle this situation. Are there legal steps I can take to ensure that the debts are divided fairly? What options do I have to stabilize my financial situation if I have to take full responsibility for the debts after the divorce?
I am grateful for any help and support, as I feel very uncertain and burdened in this situation. Thank you in advance for your assistance.
Sincerely,
Max Ehrig
Dear Max Ehrig,
I understand that the issue of debt allocation during a divorce is a very stressful and important matter. It is completely understandable that you are concerned about how the jointly accumulated debts can be fairly divided and how to deal with them financially. In such cases, it is always advisable to seek professional legal assistance to protect your rights and find a fair solution.
First of all, it is important to know that in the event of a divorce, all debts incurred during the marriage are generally considered joint debts. This means that both spouses are liable for these debts, regardless of who took out the loan or who caused the debts. This is known as "community of property," where assets and debts are divided equally.
To divide the debts fairly, you can reach an agreement with your wife on how the debts should be divided. If no agreement can be reached, the court in your divorce proceedings can determine the division of debts. This will take into account, among other things, who can contribute income to repay the debts and who caused the debts.
If you are concerned about having to bear the debts alone after the divorce, there are various ways to prepare for this. For example, you could try to analyze your financial situation and create an overview of your income and expenses. This way, you can better estimate how much money you need to repay the debts and how to stabilize your financial situation.
It is also advisable to consult with an experienced divorce attorney early on, who can help you defend your rights and find a fair solution regarding the division of debts. Your attorney can also assist you in taking legal steps to ensure that the debts are divided fairly and to protect your financial situation as best as possible.
I hope this information is helpful to you and encourages you to seek professional help to manage this difficult situation as best as possible. Please do not hesitate to contact me if you have any further questions or need assistance.
Sincerely,
Erwin Evers
