Just as the assets of the parties which were accumulated during their marriage are subject to equitable division upon divorce, so the debts and obligations of the parties are subject to equitable division.
What is “equitable” is a highly dependent upon the facts of the case. However, if both parties will be in roughly similar economic circumstances post-divorce, it makes sense to divide the debts and obligations in a roughly equal manner. This is especially true with joint debts.
Utah Code 15-4-6.5 is an important section in Utah law dealing with the debts and obligations of the parties post-divorce.
It is very important for the parties to provide a copy of their Decree of Divorce to all joint creditors of the parties existing at the time of the Decree of Divorce.
This material should not be construed as legal advice for any particular fact situation, but is intended for general informational purposes only. For advice specific to any individual situation, an experienced attorney should be contacted.