Marital debts take the form of mortgages, car loans, credit cards, etc. These debts are always normal for a couple to deal with when they are still in their marital bliss. However, when things come troubling down, and they have no choice but to let each other go, that is where problems arise.
According to an article in Forbes, couples have equal rights to their property during divorce. It means they will be subject to a fair division of all the assets they own. While it’s easy for the divorcing couple to agree on how to divide their assets, issues arise in cases where liabilities are involved. Are these marital debts also shared equal, or one spouse will be held liable for all the debts?
In most cases, the court tries as much as possible to divide both the assets and the debts equally. In other circumstances, they are used to balance one another. It means the debts can go to the spouse who receives the most share of the property. When this happens, the other party should have his or her name removed from the loan account. It will prevent the creditors from coming after the non-liable spouse.
According to The 2019 Florida Statutes, different factors warrant unequal division of debts during a divorce. These include;
- Earning capacity of each spouse
- The couple’s contribution to the marriage
- The marriage duration
- Prenuptial and postnuptial agreements on the debts
- A spouse’s contribution to the career of the other.
All the decisions made during the divorce process regarding debt only put marital debt into account. Any liability incurred before the marriage is considered nonmarital; the person who took the debt will be responsible for the payment.