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How is debt division addressed during a divorce?

The division of property during Colorado divorce is based on equitable distribution principles. This means that marital property is equitably divided among the parties and that it is not necessarily split equally. Equitable distribution is generally based on fairness and will depend greatly on the circumstances surrounding the parties to a divorce.

While many couples focus much of their energy on how their assets will be divided up during their divorces, not as many embrace the process of figuring out how they will split up their shared liabilities. Debts must be addressed during divorces just as assets must be divided: a person may emerge from their marriage still responsible for some or all of the debts they shared with their former partner.

Generally, any debt that a party acquired on their own and that was managed with their separate property will remain their separate debt after their marriage has ended. Like assets that the parties purchased together, though, shared debts must be separated between the individuals so that there is a clear identification of which parties will be responsible for them once the parties' relationship is dissolved.

It can be scary to consider just how much debt a person can leave a marriage with and that they will be exclusively responsible for paying off. Specific questions related to the division of property and debt in Colorado can and should be directed to family law attorneys. This post does not offer its readers legal advice and is only informational. Different debt and asset scenarios may have different resolutions when divorce cases are handled in court, which is why the assistance of a qualified legal professional often proves beneficial.

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