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What does your debt mean for one’s post-divorce future?

On Behalf of | Dec 15, 2023 | Divorce

The end of a marriage represents significant changes in multiple areas of one’s life. It can lead to changes in residence, finances, lifestyles and relationships with minor children. As one is considering how a divorce could affect his or her life, it is helpful to start by taking a thorough look at the financial implications of this choice. It is important not to overlook what could potentially happen with marital debt. 

An equitable and fair division of debt 

Just like marital property, a Florida couple will also have to equitably divide all marital debt. This includes any balances that were jointly accumulated during the marriage, typically on accounts with the names of both parties. A couple will have to address marital debt, and it is common for the two parties to agree on an equitable division of the debt.  

However, if only one spouse’s name is on the account, he or she may be responsible for that balance. Another factor that could impact what happens to marital debt involves the terms of a preexisting prenuptial agreement. Each situation is different, and each divorcing couple has the right to negotiate terms that are beneficial and sustainable for their unique situation. 

A focus on the future 

The decisions made during divorce will impact a couple for years to come. It is in one’s interests to seek the support of an experienced Florida legal professional who can provide insight regarding the division of marital property and debt. This can also be helpful when trying to make decisions that are practical and not driven by temporary emotions.