The dissolution of a marriage requires the division of the couple's property, as well as the division of the couple's debts. It is possible that the debts exceed the assets. The court, or couple by agreement, divides the couple's property and then assigns each person the responsibility to pay off certain debts.

When debts are jointly incurred, both parties are responsible for them. It is important to limit one person's liability for the other's debt, even after a divorce. Since there is a possibility for continued joint debts, it is best to close joint accounts as soon as possible.

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