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What Happens to Debt During a Divorce?

If you cannot make your marriage work and are now going through the divorce process, you will have to divide your assets and debts. While spouses are certainly always eager to protect their assets, they are less excited about the prospect of ending up with debts they do not believe they should be responsible for. Continue reading to learn more about what happens to your debts during a divorce.

Dividing Your Debts During the Divorce Process

Florida is an equitable distribution state, which means that all marital assets and property are divided equitably rather than split down the middle. As such, debts in a divorce are divided as fairly as possible. Additionally, if you incurred any debts before you got married, these would be considered separate debts and not subject to division. If possible, you and your spouse may want to consider settling all marital debts before finalizing your divorce. Doing so will make this process exceptionally less complicated.

If your spouse wastefully dissipated assets, those debts incurred may be assigned solely to your spouse. For example, if your spouse cheated on you and used marital funds to pay for hotel rooms, expensive dinners, and lavish gifts, a judge may assign all of those debts to your spouse.

Ultimately, in an equitable distribution state, it is up to the court to determine which spouse should be responsible for certain debts and what would be most fair if the parties cannot reach an agreement. If your spouse is more capable of taking on more debts, for example, a judge may assign more marital debts to your soon-to-be-ex.

Set Up a Free Initial Case Consultation with an Experienced Divorce Attorney Today!

When a marriage fails and spouses choose to get divorced, they must go through the process of dividing all of their debts and assets, which can be a complex task. At The Law Office of Jerome P. Ventura, our family law attorney has more than 25 years of experience and a history of proven results. You can feel confident in our divorce attorney’s ability to protect your assets during this difficult time.

Reach out to our law office today at (954) 280-6119 to set up a free initial consultation with our knowledgeable attorney to discuss your case and learn more about your legal options.