We all know that, during the divorce process, all marital assets are divided. However, in addition to marital assets, all marital debts must be divided as well. Moreover, Florida is an equitable distribution state, which means that debts and assets are divided fairly rather than evenly. Continue reading to learn more about debt division in a divorce.
Dividing Debt During a Divorce
When it comes to debt, the best strategy for both spouses is to pay it off before getting divorced. Unfortunately, for many, paying off debt in its entirety is not always a feasible option. Consider talking to your spouse about settling as much of your marital debts as you can. It can help reduce complications, especially if your ex starts falling behind on payments and creditors start coming to you for payments.
Generally, in equitable distribution states, both spouses are responsible for debts that either spouse accumulated throughout the marriage. However, spouses may have separate debt as well. Separate debt typically refers to any debts either party incurred before their trip down the aisle and usually remains the sole responsibility of the spouse who incurred them.
There are some situations in which a judge may consider certain marital debts as a separate debt for which only one spouse should be responsible. For example, if your spouse was having an extramarital affair and racked up debts on expensive hotel rooms, vacations, gifts, or lavish meals, your cheating partner will be responsible for paying these off. If your spouse was engaging in other forms of wasteful dissipation, these are other debts you will likely not have to pay off.
Discuss the Details of Your Divorce Case with an Experienced Family Law Attorney Today!
If you are getting divorced and have concerns about debt and asset division, you should not hold off on seeking skilled legal counsel. At the Law Office of Jody L. Fisher, our experienced divorce attorney can provide strong legal support and knowledgeable advice and guidance, so you can obtain the best results for your case. You can count on our team to protect your interests during this difficult time.
Reach out to our law office today at (352) 503-4111 to set up an initial case review with our skilled family law attorney to learn more about your legal options and how we can assist you! You do not have to go through this on your own.