We are talking about the differences between annulment and divorce. States make their own laws about marriage, divorce, child custody and annulment. Still, while Georgia may have different grounds for annulment, the effect of an annulment is the same wherever you live. It's as if the marriage never occurred.

In our last post, we discussed what happens to the couple's finances. The parties are restored to their original positions -- what each goes into the marriage with goes back to that person. Debts owed jointly, however, are different. In that case, each party is responsible for the entire amount. A credit card company can go after one, the other or both parties until the debt is paid off.

If the parties part amicably, they can probably agree to split the debt equitably. If the annulment is not amicable, there are a couple of ways to handle it.

Mediation may work. If the parties sit down with a neutral party, they may be able to work out a fair payoff plan.

Litigation is an option, too. One party settles the debt then files a lawsuit to collect the other party's share. When parties agree to split the bills, there's always a chance one of them won't pay. If one party pays the full amount, his or her credit score won't suffer. Remember, if the account goes past due, the creditor can report it for both parties.

As with everything in family law, the process and the outcome depends on the people involved. That's what makes the Kardashian/Humphries split interesting.

Source: CreditCards.com, "Annulment vs. divorce: How it impacts finances," Tamara E. Holmes, Dec. 30, 2011