Over the course of a marriage, you and your spouse likely accumulated many shared assets and debts. When it comes time to divide assets in your divorce, you may have concerns over what will happen to your debts and whether or not you can continue to pay them.
Debts that you incur during your marriage are marital property and are thus subject to the same property division laws as other assets. Understanding how these laws might affect you will help you prepare for life after divorce.
Are debts split equally in a divorce?
When the Florida Family Court oversees the division of assets in your divorce, a judge will enforce an equitable division of marital liabilities. This does not necessarily mean that you will see an even split of your debs. There may be circumstances in which one spouse is able to claim more property than the other. If that is the case, the court will attempt to distribute more debt to that individual as well to maintain a fair balance.
Will outstanding debt complicate my divorce?
Solving the distribution of liabilities can add layers of complexity to an already stressful divorce case. If possible, you and your soon-to-be ex-spouse might consider taking steps to clear your debts before proceeding with your divorce. Otherwise, it is important to be aware that you are solely responsible for your share of a debt after the finalization of division.
If you are struggling with debts in your marriage, it is normal to worry over your ability to pay your dues alone as a divorced individual. One way to secure your financial future is to advocate for a fair and manageable division of debts during your case.