For those seeking a divorce, splitting up marital assets is a priority, but too many overlook debt. In America, The most amicable couples can quickly run into conflict when issues around money come up.
Below, our divorce attorneys at Orshan, Spann & Fernandez-Mesa explain how Florida courts decide on what happens to debt in a divorce.
Florida requires the division of marital property to be fair under equitable distribution laws. Don’t be mistaken; this does not mean all assets are split 50/50. It is important to know that debt accumulated during a marriage is considered a shared responsibility, meaning they must be divided fairly too.
However, dividing assets, including debt, isn’t always a black-and-white process. In some cases, judges may divide debt unequally if it is justified. For example, if a spouse spent recklessly or incurred a large amount of debt single-handedly, the courts may assign the total amount to the negligent spouse. When dividing assets, judges will look at various circumstances, including the following:
Did each spouse contribute to the marriage equally?
What is the earning capacity of each spouse?
How long was the marriage?
Did one spouse contribute to the career and education of the other spouse?
Are there prenuptial or postnuptial agreements regarding debt?
What You Need to Know About Debt Division in Florida
If a spouse acquired debt before the marriage, and it still exists at the time of the divorce, that spouse will be responsible for paying. This is called non-marital debt and is not included in asset division. Only marital debts, those incurred by either spouse during the marriage, are divided in a divorce and may be assigned to either spouse for payment.
Examples of marital debts include:
Credit card debt
Car loan debt
Consult our Miami-Dade County Debt Division Attorneys
The best-case scenario is to enter a divorce without any debt, but we understand this isn’t possible for many couples. Divorce can be a complicated process, and debt may add to the mounting stress you’re already experiencing. Count on our experienced family law attorneys to help you split your debt fairly.
Contact Orshan, Spann & Fernandez-Mesa at (305) 853-9161 to schedule an initial consultation.