When you get a divorce there is not only the emotional side but also the financial side that you have to take into account. At the dissolving a marriage should not only divide the property, but also the debts. This is easiest when you are married on marital conditions. Usually it is then established who bought what and who made which debts. If you have signed together for a certain debt, you are jointly responsible for paying this debt. If you are married on marital terms and have jointly purchased your own home, it is possible that this home will nevertheless be used to pay the debts if one of the two partners goes bankrupt. If the injured partner can prove that his or her share of the house has paid from their own resources, the house is left undisturbed. The burden of proof in this therefore lies with you. Read more about what you are dealing with when selling your house in the event of divorce.
Married in community of goods
If you are married in community of property, you are jointly liable for all debts. Also for debts that were entered into before the marriage. The distribution is simple, everyone pays half of the debt, but is jointly and severally liable. This can have far-reaching consequences. As an ex-partner you can suddenly be held responsible for debts of the partner that you were not aware of. When one of the partners is unable to pay off the debt, the creditors come to the former partner who is able to do so, however unfair that may sound. In that case you can call your ex in custody. That means that you do pay the entire debt, but that you can recover this from the ex when there is a change in his or her financial situation.
Tips for divorce and debts
Make sure that you get insight into the common financial situation as quickly as possible. Block joint accounts and credit cards immediately and ensure that your salary is transferred to your private account and no longer to the joint account.
When divorcing, file a divorce petition as soon as possible. Debts that your ex-partner enters after the date of the divorce petition are no longer for your account. This is a change in the law. Since January 1, 2012, all debts for filing the divorce petition are for both parties. Before this date, all debts incurred before the divorce decision was registered with the civil status for both parties.
When you find out that your partner has incurred a huge amount of debt, where you are not the co-signatory, you can choose to renounce community of property in the event of divorce. This means that you are no longer entitled to divorce in addition to your bed, bedding and clothing.
If your ex-partner has incurred many debts, he can offer to pay these debts himself and record this in a divorce agreement. However, this is only an agreement between you and your ex. If your ex-partner does not meet his payment obligations, the creditor will come to you, divorce agreement or not. Of course you can still call your ex-partner in custody.