What can you do if you discover your spouse has hidden debts?

On Behalf of | Mar 13, 2020 | Divorce

You decided to get a divorce, and you were happy about that decision until you saw how much money your spouse owes on their credit cards. They’d always told you that they had a great job, but you didn’t realize how much of your property was being charged onto credit cards that were not being paid. It was a shock when you realized, to say the least.

When your spouse brought home something new or took you out to a nice dinner, they always said that they’d had a bonus or that they paid off their debt at the end of each month. Now, you realize that it was all lies.

Debt can be a significant problem during a divorce, especially if you didn’t know about it. Since you don’t share your credit cards, it’s understandable that you didn’t know how many your spouse had. At the same time, you could still face trouble because the assets purchased could be considered to be marital assets. That would mean that you could be held liable for at least a portion of those debts, even though you didn’t run them up.

Your attorney should be informed if this is a problem in your divorce. They can help you work out solutions, such as negotiating to make sure your spouse retains those debts after divorce and that you don’t or allowing you to settle those debts before going through divorce. It’s horrible to think that someone’s bad financial decisions could affect you, but that is the case when you’re married. It may not be too late to protect yourself, which is something your attorney will discuss with you.