When it comes to a divorce, couples are required to divide their marital estates. This includes both assets and debts. While the division of assets is essential, dividing debts is just as important. Both assets and debts contribute to the net worth of both spouses post-marriage.
Courts are very discrete when it comes to the division of assets and debts during a divorce. The judges on the case will treat different debts differently depending on the facts related to each case. For example, if one spouse receives the house in the divorce, the mortgage will also be in the name of that spouse. Similarly, when it comes to debt, one that is attached to an asset will also follow the spouse who gets that asset during the divorce.
Student loans, however, are a different type of debt. Often the judge would assign the loan to whomever the spouse was that took the loan. Although, if a spouse took out the loan to gain an education which, in turn, helped the spouse with earning an increased income to support the family the court may divide that debt between both spouses in the divorce trial. On the other hand, if the spouse received his/her loan during the middle or end of the marriage, the spouse that took out the loan would end up having to pay the entire debt upon the divorce. This applies if the student loan taken didn’t directly benefit the marriage
Courts normally look at the ability of each spouse to pay off their debts post-marriage. If one spouse earns more money than the other spouse, the court may assign that spouse with a more considerable amount of the debt based on his/her ability to pay off the debt.
If you’re going through a divorce and are unsure about the circumstances of your debts division, some of the best divorce lawyers in Orlando can help.
If you’re looking for an attorney specializing in Family law to help guide you through the process, look no further. The Law Office of Erin Morse is a Family Law Firm known for providing some of the best services to clients to ensure client cases go through the right path. We at The Erin Morse Firm guarantee clients would benefit through our services!