If you are like a lot of people in Florida, when you hear references to the property division portion of a divorce settlement, you think about how assets are split up between the spouses. While this is certainly a big component of the property division negotiation, it is important to remember that debts must also be addressed and divided when a couple gets divorced. The agreements that you make with your partner about how to assign debt responsibility may well impact your choices regarding asset division.
As explained by Money Management International, you should take a very forward-looking approach to your debt allocation choices. If your spouse is to assume responsibility for a particular debt, you should require that they either pay it off in the course of the divorce or transfer the debt to a new account in their name only if they will take some time to pay it off. The goal here is to ensure your name is no longer tied to the debt.
Even if your divorce decree outlines individual responsibility for a debt, you may be viewed as liable for the debt in the eyes of the creditor if the account remains in both of your names.
If you would like to learn more about how to manage the division of your debts when you get divorced in a way that protects you against future financial problems unnecessarily, please feel free to visit the asset and debt allocation page of our Florida family law and divorce website.