How do I manage our debts in a collaborative divorce?

Managing debts in a collaborative divorce requires a commitment to communication and negotiation between both parties. In Florida, the law requires each spouse to disclose their income, assets, and liabilities, including any debts that have been accrued during the marriage. This information is important in helping the parties figure out how to divide their debts during the divorce process. The most important thing to remember is that debts incurred during the marriage are usually the responsibility of both parties, regardless of which person incurred them. Under Florida law, the debts are usually divided equally between the spouses. The court may assign a different division of the debt if it finds that one spouse has significantly more debt than the other or if the debt was necessary to maintain the lifestyle of the family. Once the debts have been divided, the parties must decide how to manage them. The most common approach is to have each spouse pay their own portion of the debt. This means that each spouse will be responsible for their own portion of the debt and will be responsible for making payments to creditors. If both parties agree, they may also choose to have one spouse pay the entire debt and the other receive an equitable distribution in another asset. Regardless of the approach, it is important that both parties remain communicative and honest about their financial situation when managing debts in a collaborative divorce. This will ensure that the debts are managed fairly and that any future disputes about debt payments are avoided.

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