Annulments are different legal processes than divorce. An annulment is the same as saying a marriage never occurred. Divorce acknowledges the union and gives marriage a timeline. For Florida couples contemplating a divorce, an annulment could be an option.

How an individual's financial situation is affected by an annulment is unlike the standard property division that takes place during divorce. Annulments restore a never-really-married person to a previous financial position, while divorce disentangles accumulated marital assets through community property laws or divorce settlements.

A couple granted an annulment is expected to come away from a marriage with as many resources as each of them had in single life. If a couple is married long enough to add up joint debt or assets before an annulment, courts divide the financial burden as fairly as possible.

Annulments are granted in situations where a marriage should never have taken place. States vary the time frame and conditions under which couples may annul a marriage. They also use common legal threads to determine whether a marriage qualifies for annulment.

Annulments avoid problems with the division of marital debt that often come with divorce. Credit cards in one name may become the financial responsibility of both spouses in divorce. Community property states add up all marital finances and divide it equally. In equitable distribution states, separation of finances may lead to arguments over which partner is worthy of assets and responsible for liabilities.

Attorneys advise that many of the surprises of property division in a divorce can be minimized if couples pre-plan and assign financial accountability. One of the ways that this can be done is through the use of a prenuptial agreement.

Source: creditcards.com, "Annulment vs. divorce: How it impacts finances," Tamara E. Holmes, Dec. 30, 2011