It’s common for couples to marry while one partner is still finishing their education. It may take years to obtain an MBA, law or medical degree.
Earning those degrees can become costly, often requiring the student to borrow hundreds of thousands of dollars. Then, it can take decades to pay off those loans.
If the loans were taken out while the couple was married, then who is responsible for paying them if the couple divorces?
Marital vs. separate debt
Florida is an equitable distribution state, meaning marital assets and liabilities are divided fairly. Student loans taken out before the marriage are considered separate debt, and the borrower is solely responsible. However, student loans taken out during the marriage may be deemed marital debt.
Florida law starts with the premise that the distribution of marital assets and debts is equal unless one party can justify an unequal distribution based on factors such as:
- The duration of the marriage
- If one spouse contributed significantly to the other’s education or career advancement
- If one spouse was the primary caregiver and homemaker
- The economic circumstances of both parties
If you’re facing divorce and are concerned about your partner’s student loan debt, it’s crucial to collect all relevant financial documents, including loan statements, to clarify when the loans were taken out and how much remains.
Suppose you were the primary breadwinner and supported your household while your spouse pursued their education. In that case, you will want documentation like pay stubs, mortgage payments, car loans and other monthly expenses.
It can be extremely frustrating knowing that you may be responsible for a portion of your ex’s student debt for a long time after you divorce. It’s vital that you work with someone who understands the complexities of Florida’s equitable distribution laws. They are your best option for freeing you from your former partner’s debt.