The High Price of Higher Education And Divorce
When a couple divorces there are usually disagreements over who gets what. The parties take stock of their assets and try to figure out who gets the house, who gets what car, how retirement plans will be divided, and who gets the fine china. But assets aren’t the only thing that gets divided in a divorce, the parties also have to figure out who is going to pay what debts.
A hot topic on the issue of debt division is who pays back student loans. Often times, one spouse incurred substantial student loan debt and carried that into the marriage or incurred it during the marriage. It is also not uncommon for the party with little or lesser student loan debt to not be the main breadwinner of the family. So the question to be answered is who benefitted from the education, and who should therefore be responsible for repayment of education loans. In Florida, division of assets and debts is equitable. This does not necessarily mean a 50/50 split, but rather takes into account:
● Contribution during the marriage to the education of any children of the marriage, and also to the education of either spouse of the marriage.
● Economic circumstances of the parties.
● Duration of the marriage.
● Interruption of career, or employment opportunities missed.
The ultimate goal of property distribution is fairness. Determining what is fair requires a careful look at your particular circumstances. Your case is not like any other case, and will not be decided the same as your friends or neighbors’ cases. A qualified attorney reviews the facts of your situation and applies the law to those facts to reach a result that is fair and equitable.
For more information about who gets what and who pays what when distributing assets and debts in a divorce, call our office for help. We offer an initial visit for a onetime fee. Contact a qualified family law attorney in Stuart and the Treasure Coast today.