When it comes to divorce, all marital estates are generally divided. This includes both assets and debs. Splitting debs in a marriage is equally as important to consider as dividing assets. Both parties to the marriage are contributing to the net worth after the marriage ends.
The courts have a significant amount of discretion when it comes to the division of debts and assets in a divorce. The judges would treat different types of debts in different ways according to the facts of the case. In this case, debts that are attached to specific assets, such as a vehicle, would typically be connected to the spouse who gets the property in the divorce.
Student loans can be described as another type of debt that the courts would have to interpret strictly to determine how it’s split. Usually, the judge in the case would assign the debt of student loan to the individual in the marriage who took the loan. Although, if a spouse were taking a student loan to educate his/her self to support the marriage, in this case, the debt would be divided among the couple upon divorce.
However, if the loan was taken out towards the end of the marriage and didn’t benefit the couple, the spouse may end up incurring the entire debt after a divorce.
Courts may also observe the financial status of both spouses, and according to who is more financially stable and earns a more considerable amount of money, the court may assign that spouse more debt post-divorce.
When referring to debts in divorce, rather than figuring who is going to pay off certain debts after the divorce, both spouses should make it a point to rid themselves of debts as best they could and start with a clean slate after the marriage ends. Hiring one of the best and affordable divorce lawyers Orlando would assist in the ability to do so with minimal issues.
The Erin Morse Law Firm is a law firm based in Orlando, Florida. The law office of Erin Morse guarantees that clients receive the right amount of advice and action necessary for each divorce procedure. By ensuring the case goes through the right path optimal services are also a priority for all clients.