If you are moving forward with divorce, you may begin to wonder what will happen to your property and assets. In short, these items will be divided so that both parties can move on with their separate lives.
In the state of Florida, “equitable distribution” comes into play if you are unable to reach a settlement outside of court.
While it’s only natural to focus on your property, such as who will get the family home or car, you need to remember this: debt must also be divided in the divorce process.
This doesn’t always come into play, but most divorcing couples find that they have some type of debt. This can include but is not limited to a car loan, mortgage, or credit card debt.
With both assets and debt, you need to consider the fact that Florida distinguishes separate property from marital property and individual debt from marital debt.
For example, if you brought an asset into the marriage, it will be considered separate property. In other words, it won’t be divided.
In regards to debt, if it was taken on as a means of benefiting the family, it’s almost always considered marital debt.
At our law firm, we’ve assisted many people who were confused by the process of dividing assets and debt in divorce. If you find yourself with questions, if you’re concerned about making mistakes, you’ll want to learn more about the court system, your legal rights, and what you can do to improve your situation. The more you know the easier it becomes to avoid a bad situation.