Orlando Debt Division Lawyer

Equitable Distribution of Debt in Florida Divorce Actions

When it comes to debt division, divorcing parties often run into confusion and conflict. Division of debt plays a critical role not only at the end of a marriage, but in the years ahead.

As a couple, you may be underwater on your mortgage. One spouse may have piled up thousands of dollars in credit card debt you didn’t know about. The old car is paid for, but the new one is not.

Common scenarios like these lead to serious disputes. Most marriages will have incurred some kind of debt, and many divorces carry complex debt issues. If you cannot come to agreement as to who pays what, the court will make this decision for you.

Speak with an experienced Florida attorney at our firm today.
Call 855-Kramer-Now (855-572-6376)
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Protecting your Rights to Fair Debt Division

To make certain that marital debts are distributed fairly, help from an experienced attorney is essential. How property and debt division is handled may change your lifestyle, career plans and retirement dreams. The Kramer Law Firm can truly make a difference in your immediate and future situation.

Our attorneys are meticulous in executing discovery, interpreting financial records and appraising the marital estate. We will help you prepare for, avoid and resolve any problems that might surface, and ensure you are treated fairly.

Don’t hesitate to call our firm for a confidential consultation regarding division of debt and a true financial picture of your divorce.

Equitable Distribution in Divorce

Florida follows the process of equitable distribution for property and debt division. Equitable means ‘fair’ – and since debts accumulated during marriage are considered the shared responsibility of the husband and wife, they are to be divided fairly.

This is not a cut and dry process, however. The court will look closely at a long list of reasons why unequal division of debt may be justified, such as

  • Did each spouse “contribute to the marriage” equally?
  • What is the earning capacity of each spouse?
  • How long were the spouses married to each other?
  • Did one spouse contribute to the career and education of the other spouse?
  • Are there prenuptial or postnuptial agreements regarding debt?

Asset, property and debt division are closely tied because in the end, one spouse may be assigned more debt than the other, but that spouse may also be granted more assets to equal it all out.

In Florida, Marital Debt is Separate from Nonmarital Debt

Marital Debt: In most cases, debts incurred by either you or your spouse during the marriage are treated as “marital debt” no matter who made the purchase. Only marital debts are divided in divorce, and they can be assigned to either party for payment upon divorce.

Although there are exceptions to the rule, marital debts generally include:

  • Mortgages
  • Credit card debt
  • Business debt
  • Home equity lines of credit
  • Car loans
  • Various other types of loans

Nonmarital Debt: If one spouse acquired a debt before the marriage and that debt still exists at the time of the divorce, the spouse who owed the debt will be the person responsible for paying. Nonmarital debt also includes debt that the spouses have defined in a valid written agreement as nonmarital debt.

Speak with an experienced Florida attorney at our firm today.
Call 855-Kramer-Now (855-572-6376)
.

We Uncover Hidden Assets to Ensure Fair Debt Division

Unlike child custody and support orders, division of property and debt cannot be modified later. Once the order is entered the settlement is binding, unless there is proof of one spouse’s failure to disclose assets and debts.

As your attorneys, we can help you take the right steps to protect your rights and finances from unfair debt assignment. If you suspect your spouse may have hidden assets or incurred hidden marital debt during the marriage, we will investigate the claim thoroughly.

If necessary, we will consult with forensic accountants and valuation experts to ensure all marital assets are accounted for that could otherwise result in unfair allocation of debt to you.

We Advocate Mediation to Resolve Debt Division Disputes

In many cases, mediation is a highly effective tool for resolving disputes over division of property and debt. Our attorneys have helped countless divorcing couples reach workable solutions to highly complicated debt issues that served both spouses fairly, and that would not be attainable in a court settlement.

Our Debt Division Attorneys Can Help

It is our job to protect the well-being of your home, your family and your finances during and long after divorce. An accomplished law firm with a steady hand to guide you through your legal and financial concerns can be a decisive advantage to your case.

Call the Kramer Law Firm today: 855-Kramer-Now (855-572-6376)

Altamonte Springs Office
999 Douglas Avenue
Suite 3333
Altamonte Springs, FL 32714
407.834.4847
Downtown Orlando Office
37 N. Orange Avenue
Suite 500b
Orlando, FL 32801
407.339.0269
CALL 855-KRAMER-NOW