Ending a relationship is emotionally difficult, but dividing shared financial responsibilities can add another layer of stress. For unmarried couples in Florida, there’s no legal framework that automatically allocates debt after a separation. That means you’ll need to take proactive steps to resolve outstanding financial obligations.
Identify who is legally responsible
Start by reviewing the names on each debt account. If one partner’s name appears alone on a credit card, loan, or lease, they are solely responsible for repaying that debt. Joint accounts or co-signed obligations, however, bind both parties legally. Florida does not apply equitable distribution laws to unmarried couples, so courts won’t divide debt as they would during a divorce.
Close or freeze shared accounts
If you have joint credit cards or shared credit lines, contact the lenders immediately to close or freeze those accounts. This prevents further charges and limits potential liability. Although you both remain responsible for any outstanding balances, closing the account helps prevent either party from accumulating additional debt. It’s a smart move to document who will pay what and when.
Create a written debt agreement
Sit down and draft a formal repayment plan. Decide how you will allocate debts and outline the payment structure clearly. Even a notarized informal agreement provides some legal protection if disputes arise later. You can also engage a neutral mediator to help facilitate the discussion and create a balanced resolution.
After dividing debt obligations, take steps to protect your credit. Remove your name from any joint accounts that your ex continues to use. Monitor your credit reports regularly to ensure no new debt is taken out in your name. If necessary, place a temporary freeze on your credit to avoid unauthorized activity.
