If you resolve to end your marriage through divorce, you have to take various aspects of the partnership into account. One of these is the debt you incurred during the marriage and how it will be paid.
It is normal to wonder if you will end up with a bigger chunk of the marital debt or, worse still if the court will ask you to pay a debt that you had nothing to do with. Questions like, “Will I have to pay my spouse’s college or credit card debts?” are not uncommon. This is why it is imperative that you understand the position of Minnesota divorce laws when it comes to debt division.
So how is marital debt treated during Minnesota divorce?
In Minnesota, any property and debt that is acquired by both parties during the marriage must be subjected to equitable division. This does not necessarily mean a 50-50 split. Rather, the family court reviews the assets and debts in question and how and why they were acquired in order to arrive at a “fair” split.
As far as debts are concerned, the court will first classify the debts in question as either separate or marital. Any debt that is accrued during the marriage is typically classified as marital debt regardless of who acquired it as long as it advanced the household’s interests.
Any debt that is acquired before the marriage is typically treated as separate debt and, thus, the responsibility of the party who took it on. Also, if a spouse misappropriates family assets (such as through drugs and gambling), then the court may use its discretion to decide who is responsible for such debt.
Protecting your interests
Money problems can be a contentious subject both during the marriage as well as in the event of a divorce. Learning more about Minnesota property division laws can help you safeguard your rights and interests when litigating property division.