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What happens to debt during a divorce in Oklahoma?
My ex spouse and I have some shared debts (car, house, etc.). What will happen to these responsibilities from a legal perspective during our divorce settlement?
Sophie Newman · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“The first thing to understand about debt during a divorce is that lenders might not abide by your divorce agreement.
For example, if you are both co-signers on a $10,000 loan, you are both still equally responsible for it in the eyes of the lenders.
If you are worried about the affects your ex could have on your credit, you can try to refinancing the loan in one of your names before the divorce finalized.
Another option is to try to pay off the debts, or liquidate the equity that you both have in the asset so that there’s no debt to begin with. Separating assets is easier than dividing debts. This route depends on your financial situation and you always want to check your loan agreements to see if you will face
prepayment penalties
. Talk to a lawyer to discuss your particular case and options.
While it adds another thing on your plate (I know you already have so much to do), if you haven’t divided insurance policies, you should begin looking into that. You’ll likely want to get your own policy as a result of the divorce, and
Jerry
is here to help. Jerry is a free online comparison tool that shops for the best deals and delivers them to your phone in minutes.”View full answer
- Gregory R.
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