How Is Debt Divided In A Divorce?

As your divorce gets underway, a judge will evaluate various elements involved, which may require several rounds of review before the judge issues a final decree. The matters involving the division of debts and marital property may be one of the most contentious topics to handle, and understandably, this may be one of the most stressful aspects of your entire settlement, depending on the circumstances.

I, Zachary A. Vandyke, am a Panama City divorce attorney with more than 10 years of experience. I am committed to helping my clients find a solution that suits their needs most. I recognize that divorce is never an easy matter to handle, but I can help you approach the situation with ease and confidence.

Understanding Florida's Law Regarding The Division Of Debt

In Florida, couples who divorce are subject to the laws of equitable distribution. This means that the courts will divide the property based on what is fair — how each spouse contributed to funds and properties during the marriage. A judge will not necessarily issue a 50-50 split, but more on circumstances of the marriage.

These factors include:

  • How the spouse contributed to the marriage – stay at home parent or primary breadwinner?
  • The earning capacity of each spouse, as well as future earning potential
  • The duration of the marriage
  • If one or the other spouse made sacrifices to help the other spouse, such as providing for the home and family while the other completed school
  • If one or the other spouse may have personal liability for the debts
  • If one or the other spouse might knowingly destroy or waste marital assets after filing the divorce petition

Understandably, divorces can be argumentative. Many disputes can arise due to debt division, and this is primarily because of the distinction between marital and nonmarital property. As always, it is always recommended that you consult with a seasoned Panama City divorce lawyer to discuss how you should approach the situation.

Contact Us And You'll Find Answers To Your Questions And Solid Legal Advice

Should you have any questions regarding debt division or any other family law matter related to your divorce, please do not hesitate to contact my firm for legal counsel. I walk clients through every aspect of their case to create practical and effective legal solutions. My goal is to ensure that you walk away from your divorce feeling confident and with your interests intact.

Schedule your free initial consultation today by calling 850-851-0864 or sending an email with your information. Se Habla Español!