how are shared assets and debts split up in divorce proceedings?

Question

If my parents would get divorced will they have to split all the
credit card debt 50-50 even if the majority of the cards are only under one of their names?

Answer 1

It goes differently for every instance, so there is no one easy answer for this. I believe the rule of thumb is to split things up by a percentage of income. If your father works and your mom doesn't, they assets will swing more her way and the debts will swing his way. How things are distributed will also be determined by how long they were married. The longer they were married, the more the courts will decide that the woman is dependent on the husband for their standard of living, which means they will award her more in the for of assets, as well as alimony. Which ever one has the best attorney will get the nod their way also. It will also depend on the reason for the divorce, as well as who is the petitioner (the one that filed). The petitioner always has the upper hand because they are on the offensive. Their demands get submitted first and the respondent is them in the position of trying to get that changed.

Sorry there isn't a straight forward answer for this. 50/50 seems logical at first, but there are factors the courts will look at that will determine how these are distributed.

Answer 2

Debts, like assets are split during a divorce. Debts that are aquired jointly are usually split 50/50. In a marriage, there is no one party thatspends or owes more. Often, in a divorce, certain things are arranged such as one party buys the house from the other. The effort, at leasat in community property states is to keep both assets and debt equal.

Answer 3

it depends on who makes the most money no matter who's name the cards are in if your mom did not work and was dependent on your dads income than he will be stuck with the bill no matter what b/c its looked at like this she did not work thru out the marriage and now she is still not working the judge will state that your dad had to know he would have to pay the bills when the cads were recve so he will have to continue to pay them but it goes both ways if he was dependent then she will be left with the bills if they have = income than they can be split 50/50 or they can agree on something like if they have 6 cards total bal 60000.00 3 cards have a bal of 10000.00 and one has 20000.00 and one has a bal of 8000.00 and one has a bal of 2000.00 they can agree that someone will pay the 3 with the 10000.00 bal and the other person can take the other 3 cards and then both parties will be responsible for the 3 cards they have to pay but the bal will be = so it depends if they are going to have a friendly divorce or try to stick each other (also depends if the cards were issued during the marriage if not the person who they belong to is responsible )

Answer 4

Yes, that is true. I'm sorry, but this is how our financial legal system works. Your father and mother would have to pay equal amounts to pay them off. Also, every thing they have accumulated over the years will be divided evenly. I hope your parents will work things out and not have to divorce. Good luck and GOD bless you.

Answer 5

It is called marital debt, any debts accumulated during marriage are considered both parties responsibilities!

Answer 6

yep because when my parent got divorced they both had bad credit