There are two big "Ds" that few Houston residents ever want to navigate: divorce and debt. Frequently, these two issues must be confronted simultaneously amidst the confusion of property division. Often, it is helpful to at least attempt discussing debt with one's spouse before filing for divorce, but, sometimes, conflict makes this nearly impossible. In such cases, family lawyers and financial professionals can prove an invaluable source of information.
One of the most important aspects of divorce and debt is the original credit agreement regarding the debt. Like marital property and community property, debt can either be the responsibility of one spouse or both. If a spouse's name is on a credit card account or a mortgage, their repayment obligations can still stand, despite property division outcomes to the contrary. In other words, a divorce does not automatically alter the initial agreement between debtor and creditor. Thus, it is vitally important to take several sanity-saving steps.