What is considered marital debt in Florida?
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What is considered marital debt in Florida?
The spouse who took out the card or loan would be the one responsible for paying back the debt. Most debt in a marriage consists of joint credit cards, auto loans and mortgages. Since both spouses benefit from homes, cars and personal goods acquired from this debt, this would be considered joint debt.
How does debt affect divorce?
As part of the divorce judgment, the court will divide the couple’s debts and assets. Generally, the court tries to divide assets and debts equally; however, they can also be used to balance one another. For example, a spouse who receives more property might also be assigned more debt.
Do you split debt in divorce?
A court will generally take the position that debts accrued during the relationship, either jointly or individually, were for the mutual benefit of both parties with mutual knowledge or consent of the other party and therefore responsibility is shared by both parties.
Is debt a marital property?
All debts incurred during marriage, unless the creditor was specifically looking to the separate property of one spouse for payment, are community property debts. Property purchased with the separate funds of a spouse remain that spouse’s separate property.
