If you are getting divorced, your property and assets must be divided. The basic standard in Florida is "equitable distribution." This describes what a court will do if you are unable to reach a settlement on your own.
What many people overlook is that debts will be divided. Almost every couple has some type of debt, whether it be a mortgage, an auto loan, or credit card debt. The sad reality is that debt and financial problems are frequently a contributor to the breakup of a marriage.
Like most other states, Florida distinguishes "marital property" from "non-marital property." Only marital property is divided, while non-marital property belongs solely to one or the other after a determination is made that the property is non-marital. The same applies to liabilities or debts.
Contact our law firm to see whether you may be "on the hook" for amounts you did not expect!
Generally, if debt was incurred on to benefit the family, it is marital debt and is owed by both parties. You may even be liable for the entire debt if your ex-spouse does not pay. A family business benefits the entire family, so in a business owner divorce, these debts could be attributed to you even if you did not participate in the company.
If You Are Now Separated
Make sure common accounts are not being abused. We can advise you of steps to take to protect yourself.
Contact Our Miami Asset and Debt Division Lawyers — Let Us Evaluate Your Legal Matter
To make an appointment for a free initial consultation about division of assets and liability with one of our experienced family law attorneys, call 305-442-2622 or fill out our simple intake form today.
