St. Paul divorce lawyer Allison Maxim explains marital debt settlement, a contentious aspect of divorce. Debt that is acquired in the span of the marriage is considered under marital debt and is fairly divided at the time of a divorce.
Debt gets divided the same way as property, so any debt that’s allocated during the marriage is presumed under the law to be marital debt. And it’s identified, it’s valued; you get the amount of the debt and then it’s allocated between the parties, and sometimes one spouse will take more of the debt where the other will get more of the property. The law around division of assets and debt is flexible so that parties can be creative in how they come up with a settlement on how to divide debt.