What happens to our debts in a divorce?
The decision to get divorced is rarely an easy one for a couple to make, but sometimes it is the best option because the marriage simply does not work anymore. Once you’ve decided it’s time to get divorced, you will have to go through a number of steps in order to finalize this dissolution. You will have to go through the equitable distribution process which is where you divide everything you have acquired throughout the course of your marriage. You will have to divide any cars you have purchased together, any real estate properties you have purchased together, any furniture, boats, timeshares, or whatever the case may be. However, when big purchases are made, debts are acquired.
Your debts are divided just like the rest of your marital assets are in the divorce. Personal debts that existed prior to the marriage are not considered in the equitable distribution process when the couple gets divorced. If the couple has debts on items that they purchased, they will be able to split them up when dividing the other assets. What is necessary to understand is that “equitable” does not mean “equal.” You may find yourself having to pay 75-percent of the debts while your spouse only has to pay the remaining 25-percent. Of course, it all depends on your particular situation. Contact an experienced divorce mediator to discuss your case today.
Judith Goldberg is an experienced Boca Raton mediator serving Palm Beach and Broward County, Florida. If you need a compassionate mediator to guide you through your family law matter, contact our Boca Raton office for a free consultation.