The end of a marriage can be emotional enough without considering how the courts will divide debts between you and your spouse. Cincinnati divorce lawyer John Heilbrun can help you navigate this stressful situation and protect your rights.
Ohio is an “equitable division” state, meaning the courts try to divide marital assets and debts in a manner that is fair to both parties. The starting point for such a division is equal.
Before deciding how the debts will be divided, a decision must be made as to what debts are marital and what debts are separate or mixed. Whether a debt is a marital debt does not depend on which spouse is legally obligated to the creditor, but rather when and the purpose for which the debt was incurred.
Generally, marital debt will be a debt incurred during the marriage. Examples could include:
- Mortgages on real estate
- Motor vehicle loans
- Credit card debt
On the other hand, certain debts might be considered the separate debt of one of the spouses, such as debts related to gambling losses by one spouse or other debts incurred for the exclusive benefit of one spouse and unknown to the other.
Mr. Heilbrun can help clarify the situation and assist you in determining whether the debts that you and your spouse have are marital, separate, or mixed.
If you are considering a dissolution or divorce, please contact the Law Office of John Heilbrun or call 513-321-3940 today to schedule your consultation. Mr. Heilbrun serves clients throughout the Greater Cincinnati area including Hyde Park, Blue Ash, and Lebanon.