When considering a divorce, most people think about protecting their children and the things they own. They want to protect their investments, their cash, their homes, vehicles and other important assets.
This approach makes sense, but there’s another thing not enough people think about in divorce: division of debts. Similar to how assets obtained during the marriage are considered marital property, so also debts accrued during the marriage are shared. It is critical to protect yourself against sharing liability for your ex-spouse’s debts.