Day Law Your Hometown Attorneys

Toll Free: 888-326-9553

Phone: 352-200-2382

contact Menu

Dividing debt after a divorce

Finances can be one of the biggest contributors to marital strife. Yet it is important that couples in Hernando County understand that their divorces do not signal the end of having to deal with the financial decisions they may have made during their marriages. Many may view divorce as a way to separate themselves from any debts they or their spouses have incurred. In reality, however, the standard has been set that if divorcing couples should share their marital assets equally, so too should they share their debts. 

Indeed, Section 61.075(1) of the Florida Code of Civil Practice and Procedure states that family court officials go into divorce proceedings assuming that the distribution of marital assets and liabilities to be equal. That is not to say, however, that marital factors will not also be considered when determining who gets what. These include: 

  • How long a marriage lasted
  • The role of each spouse in contributing to the household income (as well as the care of the home)
  • The current economic circumstances of each spouse 
  • To what extent each spouse sacrificed to contribute to the career success of the other

On top of these factors, the court also considers each spouse's role in contributing to incurring household liabilities. It will also take into account whether one spouse has intentionally depleted the marital assets in any way since the filing of his or her divorce petition. 

The law goes on to say that any debt incurred by one spouse through forgery or without the authorization of the other does not qualify as marital property (and thus is not subject to equitable division). This may happen more than people realize, with Business Insider reporting study data that shows that 29 percent of spouses admit to withholding financial information from their partners. 

No Comments

Leave a comment
Comment Information
Email Us For a Response

Let Us Hear From You We're Ready To Listen

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Day Law Your Hometown Attorneys

4108 Deltona Boulevard
Spring Hill, FL 34606

Toll Free: 888-326-9553
Phone: 352-200-2382
Fax: 352-684-4529
Spring Hill Law Office Map