Can a married couple make a contract to divide all debt equally and if necessary, just have the party who owes less pay the difference to the other?

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Can a married couple make a contract to divide all debt equally and if necessary, just have the party who owes less pay the difference to the other?

If a couple has no assets and mutually agrees to file an uncontested divorce and both parties agree that the total of all debts is shared, can they make an agreement to add up all debts and divide it equally? ex. Mary has $15,000 in debt Johns has $7,000 in debt. Total debt his $22,000. Split equally, its $11,000 each. This means John owes Mary $4,000

Asked on May 4, 2012 under Family Law, New York

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

What you are basically doing is entering in to a settlement agreement which is in fact a contract between you as to dividing assets and debt. You can agree to what ever you would like but I would consult an attorney  - and that means each of you separately - so that you know what your rights and liabilities are under the law.  Good luck.


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