Debt and Divorce

Divorce doesn’t only take a toll on your emotional health; it can also have significant financial consequences. To minimize the financial impact of filing for divorce , your divorce attorney serving Owings Mills is likely to recommend that you close all joint accounts. If you have joint accounts that still have a balance and it is not possible to pay them off before your family lawyer files the divorce petition, you might consider talking to the creditors about freezing the accounts.

When you watch this video, you’ll learn that it may be possible for you to be held responsible for your ex-spouse’s debts after divorce, even if your name was not on the accounts. This video also explains why you should have your family law attorney include an indemnification clause in your divorce decree.