Couples going through divorce are dealing with a wide array of issues. From child support and custody determinations to dividing property, these issues can seem overwhelming during an already difficult period in your life. However, it is important that those going through this process take a step back from the emotional turmoil and recognize that careful planning is required. A divorce could lead to financial havoc if the right steps are not taken to divide property wisely.
One area that may be overlooked is the role that debts play in the property division determination. In most cases, how debts are split does not matter to creditors since creditors are generally not legally obligated to follow the guidelines set out in divorce paperwork. Essentially, this means that if you and an ex spouse are joint account holders of a credit card or mortgage, the creditor could go after either of you for payment - regardless of what the divorce paperwork says.