“WHAT IS MINE IS YOURS”

He Owes, She Owes

“What is mine is yours” pertains to marital debt as well as assets. When your marriage ends in divorce, those debts have to be paid. Georgia is an equitable division state. Division of marital debt will be based on income and ability to pay rather than a 50-50 split.

Paying Off the Credit Cards

Credit card debt can be a huge burden, especially after divorce. As divorce lawyers, we urge our clients to pay off as much debt as possible. If you do not pay off your debts, your spouse could default on payments. This will leave you responsible for paying the debt, even if your spouse is held in contempt of court. You will need to close your joint credit card accounts, open new ones under your own names, and each take a portion of the debt. If you cannot agree on an amount, a judge will decide for you.