Marriage can be likened to a business contract, and when that contract is dissolved during a divorce the division of assets is an important and often contentious matter. But debts are an equally important matter to resolve when any contract, including marriage, terminates, as any debts a couple holds will also be allocated between the erstwhile spouses.<\/p>\n
As with marriage assets, the apportionment of debts can be a complicated and quarrelsome process. But the first factor in any division of debts is whether the state that has jurisdiction over the proceedings is a community property state, as nine states are, or a non-community property state, such as Virginia and Maryland.<\/p>\n
In Virginia, one of the 41 states with an equitable distribution law for dividing property and debts, specific guidelines determine the division of debts upon the dissolution of a marriage. Virginia law mandates that the following issues be resolved in order to make (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Marriage can be likened to a business contract, and when that contract is dissolved during a divorce the division of assets is an important and often contentious matter. But debts are an equally important matter to resolve when any contract,…<\/span><\/p>\n