A large majority of American households have a debt of some kind, whether it is a car loan, credit card balance, or personal loan. During the divorce process, the family courts distribute marital assets and debts. Debts incurred during the marriage can be among the most challenging items to settle. Therefore, it's essential to have an experienced Gainesville divorce attorney who understands the laws concerning debt assignment. Contact our reliable Gainesville divorce attorneys at Silverman and Mack, LLC today to schedule a comprehensive case consultation.
How Martial Debt Is Identified
Martial debts are shared debts and, therefore, eligible for distribution. Non-marital debts belong solely to one party and will not be reassigned or divided during the divorce. The process for identifying which debts are martial and non-martial is simple. Generally speaking, debts acquired before marriage are not considered marital debt and are assigned solely to the individual who incurred them. While debts initiated during the marriage are marital debts.
What Factors Determine Who Is Responsible For Debt?
Florida courts consider several factors when determining which spouse will be responsible for a debt or how to divide debt amongst parties.
Source Of The Debt
If only one spouse incurs a new debt during the marriage (such as a credit card or loan), then that individual is typically responsible for repaying it. This is especially true if the other spouse was unaware of the debt during the marriage.
Financial Circumstances
The court will look at each spouse's income and assets and any other financial obligations they might have. For example, if one spouse has more financial resources than the other, that spouse may be responsible for a more significant portion of the debt.
Debt Usage
If the debt benefits both parties, both may be responsible for repayment. However, if only one party uses it, that individual is usually assigned responsibility for the debt.
How Our Gainesville Divorce Attorneys Can Help
Our skilled divorce lawyers can help protect your financial interests and negotiate favorable terms for dividing marital debts and assets. The terms of how assets and debts are assigned and divided in a divorce can be negotiated between parties without court intervention. Sometimes, this benefits both parties and can streamline the distribution process. Our family attorneys will fight for you inside and outside of the courtroom. Our family attorneys in Gainesville, FL, have extensive experience working with divorce cases and provide comprehensive representation to help you achieve your desired outcome. Contact us today to schedule an initial case consultation with our Gainesville law firm.
