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Regardless of whose name the debt is in, if it was incurred for the joint benefit of you and your spouse and or any children, such as a family holiday or home improvements it is likely both you and your spouse will be responsible for the debt. It will need to be taken into account as part of the financial settlement.
Are debts divided in a divorce? Yes, debts acquired during the marriage are typically treated as marital property in Florida divorce cases. Therefore, debts will be divided 50/50, unless there are reasons why an equal split would be inequitable (unfair).
There are many factors to consider, including assets, incomes, living expenses, inflation, alimony, child support, taxes, retirement plans, investments, medical expenses and health insurance costs, and child-related expenses such as education.
Under Florida divorce law, all marital property is subject to an equitable distribution. Typically, the court will divide marital property 50/50, unless there are reasons why an equal split would be inequitable (unfair).
Under Florida divorce law, all marital property is subject to an equitable distribution. Typically, the court will divide marital property 50/50, unless there are reasons why an equal split would be inequitable (unfair).
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A Florida marital settlement agreement, also referred to as an MSA, is a contract that sets forth the terms agreed upon by a couple as it relates to their rights and responsibilities after divorce.
The duration of your marriage may impact the type and amount of alimony awarded to either you or your spouse during a divorce. Alimony for short-term marriages is rarely awarded by the court, especially if the party seeking alimony is employable.
California is a community property state, which means that any assets acquired and any debts incurred by either spouse during the marriage belong equally to both spouses.
Marital debt includes mortgages, joint credit cards, car loans, and other debts acquired during the marriage. Both premarital and non-marital debt is considered separate debt and are not split between the spouses in a divorce. Only one spouse will be responsible for debts classified as premarital or non-marital.
A Florida marital settlement agreement, also referred to as an MSA, is a contract that sets forth the terms agreed upon by a couple as it relates to their rights and responsibilities after divorce.

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