Individual debt happens when only one person takes on the debt, like getting a loan or a credit card in their name only. It's their responsibility to pay it back. This can include debts they had before getting married or during the marriage. Joint debt occurs when both partners agree to share the debt, such as co-signing on a mortgage or joint credit card. With joint debt, both partners are equally responsible for paying it off, regardless of any...

In most cases, each person must cover their own legal fees during a divorce. In some circumstances, one spouse is ordered to contribute to the other's legal expenses. This often depends on factors such as income disparity, financial need, and the complexity of the case. Some couples may choose to negotiate the division of legal fees as part of their divorce settlement agreement. It's important to discuss potential legal fees with your lawyer.

Marital debt can stem from various sources and situations within a relationship. Common causes include: Spousal overspending Financial disagreements Unexpected expenses (e.g. medical bills, home repairs) Job loss Failure to communicate effectively about finances A lack of communication about financial goals and responsibilities can also result in misunderstandings and mismanagement of joint finances. Understanding...

If you're struggling to pay your debts while going through a divorce, seeking professional guidance from a federal government accredited and regulated Licensed Insolvency Trustee, such as MNP Ltd., is a good option. We help individuals navigate financial challenges, including debt management, during significant life changes like divorce. Our team can assess your situation and provide personalized advice on debt relief options, such as debt consolidation,...