Although the assets of a divorce might get most of the focus, the debts can be just as important. After all, the bills you acquired while you were married still have to be paid somehow. Credit card debt can get complicated when one spouse might have made purchases that the other doesn’t feel they should have to pay for. Here’s a brief idea of what happens to credit card debt after you are divorced.
Credit Card Debt and Divorce
Generally, the debts and loans each person has acquired during the marriage are included in the divorce. So in most cases, the person who is responsible for paying for that debt is designated before the divorce is final. After the divorce, each person is responsible for paying the debts in the divorce decree. If you don’t feel like a particular debt is yours, or that you should be responsible for paying it, you might be able to address this during the divorce.
Debt and Assets in Divorce According to Florida Law
Because Florida is a state with “equitable distribution” laws, this means that assets are distributed equally but certain factors such as the length of the marriage and the economic circumstances of each party might be considered. When it comes to credit card debt, this means that debt incurred during the marriage will be split equally. However, if it is proven that one person recklessly ran up a debt, the judge might determine that person to be solely responsible for paying it back. Otherwise, you can expect to be assigned the debt equally.
After the Divorce
Unfortunately, after the divorce, you could still end up responsible for credit card debt, even if it was assigned to the other person in the divorce. If he or she decides not to pay the debt, the credit card company can hold you responsible for joint credit card accounts. This can also happen if your spouse later files bankruptcy. So if your ex-spouse was deemed responsible for a certain debt and is not paying it – and you are now being held accountable – you do have the option of going back to court to make sure you don’t get stuck with the bill.
Contact Experienced Divorce Attorneys of Beller & Bustamante, P.L., Today
Managing the assets and debts in a divorce can be complicated and difficult to navigate alone. In order to protect your best interests throughout, you’ll need the assistance of qualified divorce law attorneys at your side.
If you are going through a divorce or you have concerns about the debts in your divorce, we can help. The attorneys at Beller & Bustamante, P.L., have the knowledge and experience you need to make sure your interests are protected and you aren’t held responsible for debts that don’t belong to you. To schedule a consultation, call us today at 904-288-4414 or use our online contact form to set up an appointment.