It is natural for individuals moving toward divorce to think about how marital assets will be distributed. In fact, often properties and large investment accounts are top of mind. But it is important to realize that how debts will be handled is also a part of what your life will look like post-divorce.
Division Arrangements Will Depend On the Type of Debt
While you may assume that your marital debts will simply be divided in half, that is not always the case. After all, a 50/50 division may not be fair when other considerations are taken into account. For example, one individual may receive a much higher compensation at work. Or a debt may have been more beneficial to one of the people, such as a student loan. Each situation needs to be assessed individually.
Debt a married couple could be responsible for:
- Credit card balances
- RV or boat loans
- Auto loans
- Educational loans or student debt
- Medical fees and expenses
- Business debts
- Primary residence or rental property mortgages
When it comes to property mortgages, there will likely be a conversation about if one individual plans to keep the property. For instance, if you want to retain the marital home, you may decide you are willing to take over the mortgage and pay your spouse an amount for the equity gained while the two of you were living in the home together. Or, if both parties plan to move to a new address, the debt can be handled by selling the home and the two people splitting the profits of the sale.
An Experienced FL Lawyer Can Answer Your Questions
Having questions about the distribution of your assets and debts is normal. Talking through your options with a third party leads to resolution. After all, a talented Tampa divorce attorney can inform you of all of your options. It is possible there are solutions you had never considered or weren’t aware of that can impact your financial future, such as formulas used to calculate child support payments and spousal maintenance.
There are experts available to support you through the process, you do not have to guess your way through. Accessing the expertise of a legal professional now could allow you to sidestep more legal disputes in the coming years. Having every aspect of your divorce handled fully and fairly now will allow you to move toward the life you want with confidence.
Do you have questions about how your marital debts will be handled? Legal professionals are available to guide you through the divorce process and inform you of possible outcomes. A qualified Tampa family lawyer will work to make your future goals a reality.
