Are debts treated the same as assets in a divorce?
A: No. In the recent case of Gilliam v. McGrady, decided on April 14, 2010, the Virginia Supreme Court held that debts are not presumed to be marital just because they were acquired during the marriage. The Court held that the statute treats debts differently than assets--- whereas the statute starts with a presumption that assets are marital if they were acquired during the marriage. it does not do so for debts acquired during the marriage. The effect is that different burdens of proof apply to assets and debts in divorce.
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