Separating your finances can be one of the most complex steps in a divorce. Many couples disagree about how to divide their property. People often feel like they shouldn’t have to share certain assets or income with their ex.
Marital homes and pensions can often become focal points of property division disputes during divorces in Hawaii. Making sure that you receive your fair portion of certain assets is important, but so is advocating for yourself when it comes to the division of the marital debts.
Will you have to pay off your ex’s massive credit card bill or their student loans in your divorce?
Your circumstances will dictate the division of your property and debts
Unless you reach a settlement with your spouse or have a marital agreement already signed, you may rely on a family law judge to divide your property and debts in your divorce. Hawaii is not a community property state, which means that the judge has to look at the circumstances of your situation to decide what’s fair rather than just trying to evenly divide things.
How much income you both earned, the contributions you made to your marriage and even the reason someone accrued the debt can influence how the judges will split it. Often, each spouse may be partially responsible for debt from during the marriage, including credit cards in one person’s name or student loans. However, if those debts constitute dissipation or only benefited one spouse, a judge may exclude them from the property division process.
Learning about what happens to both your assets and debts can help you better prepare for your upcoming divorce in Hawaii.