While child custody and alimony often dominate divorce discussions, divorce lawyers know that these aren't the only issues that'll affect recently separated spouses. Specifically, divorce has a significant impact on the couple's finances, including their liabilities and debts. If you're beginning this process, learn more about what to expect below.

Types of Debt

Two primary types of debt will be considered during a divorce case. First are the debts that were acquired during the marriage. These debts, such as loans for a home or automobile, are typically co-signed by both spouses. As such, both individuals remain responsible for the debt after the divorce.

However, a spouse isn't responsible for debts their partner acquired before the marriage. Student loans are a typical example of this, and they’ll only be the responsibility of the individual who took out the loan. Your divorce lawyer will help you understand which debts you will or won't be responsible for after the divorce.

How Debt Is Divided

Joint marital debt is divided equitably. However, this doesn't mean that the debt will be split 50/50. In Connecticut, judges typically determine responsibility based on each spouse's ability to pay. Income, child support, and other factors are all taken into consideration for this decision.

While your divorce lawyer can help present your case regarding how much of the marital debt you can handle, be aware that you're still legally accountable for the debt regardless of how much of it you're paying. Failure to pay the debt could result in fines, repossession of property, and other penalties.

If you need a divorce lawyer to help you navigate the dissolution of your marriage, contact The Law Office and Mediation Center of Jeannine M. Talbot in Torrington, CT. Drawing from over 20 years of experience, Attorney Jeannine helps clients mediate disputes to avoid more costly legal options. To learn more about her services, visit her online. To schedule a consultation, call (860) 482-9004.