Florida’s rules for property division instruct the courts to find an equitable or fair way to divide property between divorcing spouses who are resolving their differences via litigation. Debts also play a role in the process. For someone unfamiliar with divorce proceedings, that might make it seem like each spouse should have responsibility for their own debts.
Particularly in a marriage where one spouse may have earned more while the other spent more, there may be financial resentments that played a role in the decline of the marriage. People may worry about whether they might have financial responsibility for the debt taken on by their spouses.
What happens to debt during a Florida divorce?
Many accounts may be marital debts
Certain debts are marital debts and influence property division, while others are the separate responsibility of just one spouse. Spouses do not need to jointly hold an account for the that they owe to be part of the marital estate. Joint accounts are almost always part of the marital estate, but so are debts held in the name of just one spouse.
A credit card opened by one spouse to buy groceries or school supplies for the children could be a marital debt. Typically, the timing of when someone took on the debt is the main consideration for the courts when they decide whether it is part of the marital estate or not. Both spouses may need to share those debts or help arrange for their payment. However, in scenarios where spouses lied about their financial habits or where they intentionally wasted marital resources, it is sometimes possible to exclude certain debts from the property division process.
Many kinds of debts, including credit card balances, can factor into how divorcing couples split their property. Understanding the rules for property division may help people better strategize for an upcoming Florida divorce.