Am I Responsible For My Spouse’s Student Loans?
It’s not uncommon for couples to marry while they’re finishing up college. Many couples meet in college and then marry after they graduate with an undergraduate degree. However, more couples are waiting until later in life to marry and that could have certain advantages when it comes to student loans.
Technically speaking, the marital estate is what gets divided in a divorce. It is composed of both assets and debts that were accrued during the marriage. If your spouse’s student loans were accrued while you were married, that means that they are property of the marital estate and the liability of both parties. If you weren’t married when the student loans were taken out, that means that the student loans are the liability of the individual spouse. Confused? Don’t be. We’ll discuss this in detail below.
Marital versus separate property
Florida is considered an equitable distribution state. That means that debts and assets are divided in accordance with what is fair—not necessarily a 50/50 split. Student loans that were taken out before the marriage began are considered separate debt (debt belonging to an individual spouse). Any loan that was taken out during the marriage, however, is considered marital debt—and this includes student loans.
In Florida, there is a presumption that the marital estate will be divided 50/50. However, that presumption can be rebutted and one party can claim that they should get more than half of the marital estate based on factors like:
- The duration of the marriage
- If one spouse contributed significantly to the other’s education or career advancement
- If one spouse was a primary caregiver or homemaker
- The economic circumstances of both parties and their relative earning powers
Those facing divorce who are concerned about their partner’s student loan debt should collect all relevant financial documents, including loan statements, to determine when the loans were taken out and how much remains on the loan.
If, for example, you were the primary breadwinner and supported your household while your spouse pursued their education, then you will want to document these expenditures such as pay stubs, mortgage payments, car loans, and other monthly expenses.
Prenuptial agreements
If you really don’t want to take on your spouse’s student loan debt but are in a position where you might have to if the marriage ends in divorce, you do have an option available to you that would prevent that debt from becoming your liability. The solution to this problem is a prenuptial agreement that specifies that the student loan debt is the separate property of the spouse who took out the loans. If your spouse is attending school while you are married, then chances are good that student loan debt is marital property. You can, however, by agreement, create a situation where the student loan debt would not be marital property with a prenup.
Talk to an Orlando Divorce Lawyer Today
Greater Orlando Family Law represents the interests of spouses during their divorce. Call our Orlando divorce lawyers today to schedule an appointment, and we can begin discussing your goals right away.
