How Is Debt Divided in Michigan Divorces?
Just like with property and assets, debt is divided fairly between spouses during a divorce or dissolution. There are many factors considered during the division of debt, including the length of the marriage, the contribution each spouse had, and the amount of debt each incurred. Going through the mediation process rather than litigation can help keep a tricky situation like this out of a judge’s hands. If you and your spouse are able to come up with a fair decision, you can save yourself a lot of stress and anxiety.