Property Division Frequently Asked Questions: Debt
- All the credit cards are in my wife’s name. Can I be held responsible?
Though the Colorado property statute, C.R.S. 14-10-113, does not specifically address the issue of debt, Colorado courts are vested with the power to allocate or divide marital debt. Marital debt is debt accrued during the course of the marriage. Presuming debt was incurred for marital purposes, such as food, clothing, shelter, family vacations, or other true family-related purposes, the court will likely consider the debt marital and divide it equally or in some other “equitable” fashion.
Courts are not concerned with whose name the debt is titled in, but rather whether it was incurred during the marriage and the purpose for which it was incurred. If the debt solely in your wife’s name was incurred for personal, non-family items, such as diamonds, furs, etc., the court would likely consider that debt to be her separate, or non-marital, debt. The Denver divorce attorneys at Plog & Stein, P.C. are ready to answer your questions related to marital debt.