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How are debts divided after divorce?

Texas is a community property state. This means that property owned jointly by a married couple is divided as close to 50-50 as possible, with "equality" being the primary goal rather than "equitability". But how are debts handled?

The first thing FindLaw points out is that in community property states like Texas, couples should know that the individual debts on one spouse's account could end up appearing on the other spouse's credit report, too. This is in addition to the debts that may be incurred on joint accounts or for joint purchases.

Individual accounts are thus considered beneficial because no one else will be able to affect your credit history. However, it can be difficult maintaining a strong financial presence without your spouse if you only work part-time, have a low-paying job, or don't have a job outside the home.

Joint accounts allow you and your partner to have dual financial stability during the marriage itself. However, all parties involved in a joint account become responsible for paying off any bills and handling any debts. This means that if your ex-spouse were to stop making payments on the debt for a joint account, the credit company would legally be able to hit you up for payments and it can damage your personal credit history.

If this is a situation you are currently in, you may want to contact an attorney who specializes in family law. They can help you keep your credit history safe while handling debt from a marriage after it has ended.

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