Each year, more and more couples commit themselves to long term relationships without getting married.
Many of these couples move in with one another and live like married couples even though they are not.
They may acquire property together, share debts, and even have children.
Unfortunately, when these relationships end, there are many unanswered questions as to who will be responsible for the debts the couple accumulated.
While both partners will likely want the other to take on the debts, it is rare for one partner to assume all of this responsibility.
When couples cannot agree on who is responsible for paying what, legal intervention may be necessary.
Though these couples are not married, they share many characteristics with married couples in that many aspects of their financial lives are shared.
Settling on who is left with what debts may require a court ruling that establishes the final terms of the settlement.
More often, though, both partners will hire attorneys to negotiate the terms of their settlement and then agree on those terms.
After agreeing on terms, both partners will usually have to sign a contract so that the agreement is legally binding.
This means that the partners cannot place responsibility for certain debts on the other partner.
It is important to note, though, that if one partner goes bankrupt, the creditor may seek out the other partner and ask him or her to pay the debt.
In the event that a partner responsible for debt goes bankrupt, then the other partner may actually be responsible for paying the debts if approached by creditors.
Since debts and joint finances in general are difficult and complicated subjects, individuals going through a separation from a long term companion should direct their questions to the experienced San Jose divorce attorneys of The Law Office of Daniel Jensen, P.
C.