Fort Lauderdale, FL- If it’s time for a couple to divorce, they have quite a few issues to work out. Child custody is a main one it the couple has a child or children. The next big issue is money and it can be just as contentious as child custody. This leaves many couples to wonder what will happen to their debts when they divorce.
For most Florida couples, their home mortgage is their largest debt. According to Nerd Wallet, many Americans owe an average of $156,584 on their home. Their marital home is usually a couple’s most valuable asset and often takes center stage in a contentious divorce.
As far the as the home mortgage is concerned, a Florida couple has a few options they can explore. One situation entails one spouse remaining in the home and taking over the mortgage payments. Or, a couple can divide the mortgage payment between both spouses. Some couples choose to sell the house outright and divide the proceeds equally. A couple really should turn to a Fort Lauderdale divorce lawyer before they decide what to do with marital home.
Another major debt Florida couples is credit card debt. Fortunately, the process of handling credit card debt is pretty straightforward. If, the credit card is jointly held by a couple, the amount owed is divided equally among them. If a couple has separate accounts, each individual is responsible for paying the balance on their card. In some cases, one spouse may agree to pay off the other spouse’s credit cards as part
Medical debts may be a little dicey. Florida is an equitable distribution state so assets and debts are divided equitably between two spouses. If a couple can decide what to do with medical or any other medical debt, divorce court will decide for them. In an equitable division state, medical debt may be assigned to either spouse as long as the overall division is fair and reasonable given the circumstances.
A divorce attorney in Florida will be helpful to your case if you think your spouse is responsible for a greater share of the marital debts. Their purpose is to fight for what is in your best interest and they take that duty seriously.
Should one spouse refuse to pay a debt they are responsible for, they can be forced to pay but that can be a difficult process. In some cases, a property lien or a court order will be enough, however, divorce courts aren’t allowed to garnish wages or use similar means to get the delinquent spouse to pay.
Deciding how to handle their debts can be a complicated and exasperating. Let USAttorneys connect you with a divorce lawyer in Fort Lauderdale to help with your dissolution. They will work hard to protect your rights and see that you are awarded the settlement you deserve. Leave your case in the capable hands of one our exceptional divorce attorneys.