If you’re considering getting divorced, then you’ve likely done some digging around to find out what happens to your assets when you split up. You may not have stopped to think about what happens with your debts though. Your Kissimmee judges split them up among the two of you judt like any other assets you two share. Student loans are included in this.
In an equitable distribution state like Florida, judges are allowed to decide what’s most fair when dividing up assets and debts. This is why settlements vary from one case to the next.
Judges consider a variety of factors when they’re called upon to decide how to split up a couple’s students loan debts.
They’ll likely to question you about what the student loans covered. If you used them just to pay your tuition or textbooks, then they’ll probably decide that it’s your sole responsibility to repay your debt. If you applied a portion of those funds to your shared housing, then they may require your spouse to share in repaying what’s owed.
Your judge will also want to know whether the student loan was taken out in just your name or both of yours. If your husband or wife co-signed for your loan, then a judge may order them to help make payments.
They may also ask your spouse what their role was while you attended college. If they paid all the household bills during that time, then a judge may conclude that they did their financial part in the marriage. If they do, then they may not have to pay off any portion of your student loans.
A judge will probably ask whether you completed your degree. If you did, then they may consider this to be marital property and order you both to pay for the debt just one of your incurred. It’s likely that they’ll seek to understand what each of your earning powers is before ordering this. If your spouse sacrificed their career (and pay) so that you could pursue your education then it’s unlikely that they’ll have your spouse pay off the loan.
Splitting up assets is difficult enough. Debt has a way of making already-contentious conversations even more heated. A property division attorney can help you navigate what’s often the most contested issue in a divorce proceeding while being mindful of your bottom line.