Some married individuals in Florida seek to end their marriage in ways other than by divorce. You may be scratching your head as to how that can be done, but it can via getting an annulment. An annulment effectively erases a marriage and tries to put people back in the position they were in before the "marriage" took place.

An annulment will affect your finances differently than a divorce because a family court will attempt to put each person back to their original financial status. This means that whatever property, including debt, you brought to the marriage should be yours. Joint assets and debts acquired during the marriage are typically split equally.

Sometimes, couples can agree to be responsible for the amount of the debt that they actually incurred. However, unless the debt is paid off in full, both parties will remain 100 percent liable for the outstanding debt in the eyes of the lender. This is why it may be a good idea for one or both parties to pay off the debt entirely so that it is not hanging over their heads. If one party decides to do this, then he or she can sue to collect the other half from the other person.

There may be other reasons, however, that someone might wish to seek an annulment. For example, Kris Humphries is reportedly seeking an annulment from Kim Kardashian. This is interesting because it apparently has not much to do with finances since the couple was only married for a short time, and there was a valid prenuptial agreement in place.

According to the couple's prenuptial agreement, however, Kris Humphries is banned from speaking about his relationship with Kim Kardashian. If their marriage is actually annulled, meaning the marriage never existed, then the prenuptial agreement would have no effect.

Not just anyone can get an annulment, though. Typically a couple has to qualify by proving that circumstances existed that nullified the marriage, such as fraud, concealment, incest, lack of consent and the inability or refusal to consummate the marriage. This means that Kris Humphries will have to prove the basis of his claim in order for a court to grant an annulment.

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