"LIABILITIES (THE MONEY YOU OWE)
If a person owes a debt prior to the marriage and that debt still exists at the time of the parties’ divorce, the person who owed the debt still will be solely responsible for it unless the other party
has legally agreed to pay the debt during the marriage. Debt incurred by either party during the marriage is generally "marital debt" and can be assigned for payment to either party upon divorce.
If a person owes a debt prior to the marriage and that debt still exists at the time of the parties’ divorce, the person who owed the debt still will be solely responsible for it unless the other party
has legally agreed to pay the debt during the marriage. Debt incurred by either party during the marriage is generally "marital debt" and can be assigned for payment to either party upon divorce.
HOW THE COURT DIVIDES ASSETS AND LIABILITIES UPON DIVORCE
Unless the husband and wife enter into an agreement that sets out who gets which assets and who gets which liabilities, the circuit court will have a trial after which it will decide who gets what and who will pay what.
Unless the husband and wife enter into an agreement that sets out who gets which assets and who gets which liabilities, the circuit court will have a trial after which it will decide who gets what and who will pay what.
The current statutes require a court to begin the process of dividing assets and liabilities by setting aside those assets that are defined as "nonmarital," typically those assets which either were owned prior to the marriage or inherited during the marriage and not mixed with marital assets, or those properties specified in a written agreement between the parties as nonmarital.
Next, the court will divide marital assets and marital liabilities, starting with the presumption that such assets and liabilities will be distributed equally. The court may distribute unequally marital assets and marital liabilities based upon a series of factors including: the contributions of each party to the marriage, the contribution of one party to the career or educational opportunities of the other, the intentional depletion or destruction of marital assets by one party, and other equitable factors. The court may award a cash payment from one party to the other to balance out assets and liabilities. It is not necessary for a court to divide each and every asset between the parties. Instead, the court may award some assets to one party, some to the other, and balance the difference through a cash payment.
If proper pleadings are filed, a trial judge may order particular items of real or personal property sold and the proceeds awarded to one or both spouses."
Reprinted from the Family Law Handbook by the FL Bar Assoc.
