Updated February 11, 2021
What are Financial Obligations?
Almost every marriage incurs at least some financial obligations such as a rent or lease for an apartment, previously ordered child support or alimony. This type of obligation should be kept separate from those obligations attached to an asset such as a mortgage or vehicle loan.
🤔 Understanding how Financial Obligations affect your divorce.
In some instances, it’s quite clear that one party will be responsible for a given financial obligation (e.g. previously ordered child support). In other situations, where both parties are legally obligated (e.g. rent or lease), after the parties have decided how to satisfy the obligation, the legal agreement governing the obligation may need to be amended to remove one party from the obligation.
Jerry was ordered to pay $345 a month in child support to his first wife. This child support has been paid by both Jerry and Sally during their marriage, but after they divorce, Jerry and Sally understand and agree that Sally has no obligation to continue paying that child support.