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Division of Debts in Maryland Divorce Cases


Financial concerns such as debts have given birth to many divorces. Unfortunately, even after getting apart, debt issues never disappear until resolved. From credit cards to student loans, debts can make situations worse if you don’t know about the law and order of the state. You should know about several laws such as tax laws, corporate laws, debt laws, and even estate law Bethesda to bring yourself out of these situations.

Before we tell you how the debt is divided between two former partners, you should know about sole and joint debt and how liability works in both situations. To clear the air, let us tell you that any debt your ex took before your marriage is none of your concern. Any loan including auto loans, student loans, or even credit cards that your former partner took prior to the marriage has to be settled by him or her. Maryland Code §4–301 states that you have nothing to fear in case your ex fails to make payments associated with previous loans.

Unfortunately, any loans that you and your ex have taken together will have equal consequences for both you. Unfortunately, even if you have paid all your share of the mortgage and your ex has failed on his or her part, you still have to face the consequences. A partially shared debt by a couple further raises complications. This becomes most common in-home and land ownership cases. An expert in estate law Maryland can help you understand the partially shared debt.

The Role of Equitable Property

Being an equitable distribution state, Maryland does not necessarily divide the shared property into equal parts. The term “equitable” represents fairness in the judgment rather than an equality in the division. The courts have to take several factors into consideration such as earnings of both the partners, their standard of living throughout the marriage,  and whether or not someone sacrificed the earning potential for the care of the family.

Creative Solutions for Shared Debt

Former partners who opt for negotiation or collaboration often peacefully settle their debt issues.  Most of the divide real estate or other expensive assets to settle their share in the debt. This practice is quite common in spouses that have joint business affairs.

If you have previous marital debts that you and your ex took on together, better start saving your part and ask your partner to pay his or her part. You can take the help of any estate law Bethesda expert with extensive knowledge of such cases.

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