The decision to divorce isn’t one that’s taken lightly. This is especially true when you’ve been married decades. In these cases, you’ll have a lot to think about before you act.
If you accumulated considerable assets during the marriage, you have to start thinking about how to divide those. This can be challenging because you and your spouse might want the same assets, and nobody may want the responsibility of paying the debts. Your attorney can help you determine what options might be possible for property division as you go through this process.
Even though you might not want to have to pay the debts, it might be a good idea to think about how it can impact you if your spouse doesn’t pay. Your credit may suffer some because of the divorce. You won’t be able to count your spouse’s income for your household, so your debt-to-income ratio will likely rise and cause your score to go down.
There is also a chance that your credit report will suffer if your spouse doesn’t pay for joint debts. Creditors aren’t bound by the terms of a divorce settlement, so they can still come after you if your spouse doesn’t pay on a joint account.
Some people choose to sell off assets during the divorce to pay off the debts. This arrangement can help prevent worry about who will pay for what.
It is essential that you think about all these aspects of the property division process. You also need to consider your budget and other practical factors so you can make the decision you feel is in your best interests.