What happens to joint debts when we divorce in Tampa Florida?
Generally speaking, joint debts will be split between the parties. There’s a lot of factors that go into that. If one spouse has a lot larger income than the other spouse or if they’re receiving a lot more assets, you may have one spouse paying those debts. I find that it’s always better if you are able to pay off debts. If you have an asset where you can use like a savings account where you can pay off those credit cards, that’s a better use because you never know if the other party’s going to actually pay the debt when you’re out of the divorce. Then the party that’s jointly liable would still be jointly liable to the credit card company or lender no matter what is said in the divorce final judgment. We offer a free consultation at All Family Law Group, P.A. to discuss your situation. Call us at 813-672-1900 or email us to schedule a time to talk.