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Divorce Archives

Debt and your divorce

If you and your soon-to-be former spouse are able to have reasonable discussions about the division of your assets as you approach your divorce, you are fortunate. However, there may be something you are overlooking. Just like the assets acquired during your marriage, the debts accumulated from your wedding day forward are marital property, and the court divides them equitably in states like Minnesota.

What happens to your assets during a divorce?

All married couples accumulate assets, or "marital property" over time. These assets include all property acquired by either the husband or wife, or both together, and consist of physical or financial holdings, such as real estate, pension plan benefits, vehicles, household goods and more.

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