How is the debt incurred during the marriage divided?
In addition to the property acquired during the marriage, the debt incurred during the marriage is divided upon divorce. Dividing the debt upon divorce determines who is responsible to repay the debt. If both spouses co-signed for a debt, both spouses will probably be held to “joint and several liability” for the debt meaning that each spouse is responsible for the entire debt, but also the spouses are jointly responsible for the debt. When a joint and several liability is divided, the debt is attributed to both spouses. Often, however, one spouse is made responsible for the entire amount of the debt. This is generally offset by giving the spouse who pays a particular debt more property in the settlement than the spouse who is left free from the debt. In some states debts that were incurred for the benefit of the family are joint and several liabilities of both spouses. Since both spouses benefited from these family expenses, both spouses would be responsible for the repayment of these
In addition to the property acquired during the marriage, the debt incurred during the marriage is divided upon divorce. Dividing the debt upon divorce determines who is responsible to repay the debt. If both spouses co-signed for a debt, both spouses will probably be held to “joint and several liability” for the debt. “Joint and several liability” means that each spouse is responsible for the entire debt, but also the spouses are jointly responsible for the debt. When a joint and several liability is divided, the debt is attributed to both spouses. Often, however, one spouse is made responsible for the entire amount of the debt. This is generally offset by an “equalization” payment; that is, the spouse who pays the debt receives more property in the settlement than the spouse who is left free from the debt. In some states debts that were incurred for the benefit of the family are joint and several liabilities of both spouses. For example, housing, furniture, furnishings for the home,
