Financial problems are a part of some marriages, and when they are, they also become part of the divorce. In family law conflicts, it’s no wonder some people are aggravated; a partner could be trying to split debt that isn’t really equal, or they could be burdened with debt that the other partner should be responsible for. Negotiating debt in Colorado can be complicated when there are business agreements or large differences between the couple’s salaries.
When you first got married, a prenuptial agreement may have been put into place. Sometimes, debt is included in a prenuptial agreement to prevent issues like these. Including information on the debts that each partner has before getting married can help the courts determine how to split debt when it’s come to time to divorce. If one person came into the marriage with heavy debts, then with the information available, that person may also leave without those debts affecting the other party any further.
In a prenuptial agreement, you can also create a clause that states that you are not liable for any additional debt your partner creates during your marriage. That can help protect you against creditors in the future and from having to take on debt as part of your divorce. Having this clause in place can protect your FICO credit score and save you hassle when trying to split assets at the end of your marriage.
To learn more about what you can do if you’re facing a division of your debts or assets, you can visit our webpage on family law. You have the right to know how a divorce can affect you before you head into the courtroom.