Legal Care For You
And Your Family

Photo of Kelly A. Rodenas

What does equitable distribution mean for your credit cards?

On Behalf of | Feb 8, 2022 | Equitable Distribution

Spouses have to divide their property and debts when they divorce. Either they negotiate with one another or they will go to court and have a judge make decisions on these matters.

Whether you attempt to negotiate your own settlement or intend to litigate and have a judge make the final decision, you need to understand the Florida laws that apply during a divorce. The equitable distribution statute in Florida means that a judge needs to be fair when they split both your belongings and your financial obligations. What will that mean for your credit cards and other debt?

Your circumstances will influence your share of the debts

Typically, any debt accrued during the marriage will be marital debt that both spouses have an obligation to repay. Even accounts in the name of just one spouse can be the responsibility of both after the divorce.

A credit card that you use to buy groceries every week could be partially your spouse’s responsibility. So could student loans that one spouse took out in the hope of supporting the family with a better job.

A judge dividing your debts will look at your income, your personal property, your custody arrangements and your health, among other factors, when deciding how to divide your debts. They may also look at dissipation of assets – for example, one spouse using the credit card to go on a spending spree after they filed for divorce.

Understanding the Florida approach to property division will help you plan for both the divorce itself and your best life after divorce.