You’ve been careful with money over the years as a couple. You’ve budgeted, saved and made smart financial decisions together until your marriage fell apart. Suddenly, you’ve discovered your spouse has been blowing through your joint funds – spending money on vacations, shopping sprees and even gambling.
In such a situation, you’re probably wondering if you’re going to be stuck paying your spouse’s debts incurred in bad faith. Here’s what you should know.
The law in Florida
Marital assets and debts are divided equitably in Florida, although not necessarily 50/50. In other words, the court strives for an fair division. If your spouse was racking up debts with no benefit to you, the court may consider that when dividing marital debts. For instance, if the court finds your spouse recklessly incurred debts, they could receive a smaller share of the remaining marital assets or a bigger portion of the marital debts.
It’s also worth noting that you will need to provide evidence that your spouse incurred debts recklessly and without your knowledge or consent. This means gathering evidence that could help you prove your allegations, such as bank statements, tax returns and text messages or emails.
Protect your post-divorce financial future
You should not assume that everything is handled simply because a judge signed off on your divorce. Remember, a divorce decree will not automatically shield you from debts your spouse incurred in your name, like with a joint credit card.
Creditors can still come after you if your name is on the account. Similarly, if your ex defaults on joint debt assigned to them by the divorce court, your credit rating could be hurt. Seeking qualified legal guidance can help you explore your options and move forward confidently while safeguarding your interests.