Am I Responsible For My Spouse’s Student Loan Debt If We Divorce?
To successfully answer this question, you have to understand the concept of the marital estate. The marital estate is what’s divided during a Florida divorce. The marital estate begins accruing property the moment you get married and ends when you file your divorce petition. If the student loans were accrued during the marriage, that would automatically make them a marital debt. If the loans were acquired before the marriage, they would be considered the separate property of the individual spouse.
When am I responsible for my spouse’s student loans?
To put it simply, if the student loan debt was acquired during the marriage, then it is a part of the marital estate and the debt would be subject to equitable distribution. Florida is an equitable distribution state. This means that debts are divided in accordance with what is fair as opposed to equally. Just because one spouse incurred the debt, it doesn’t mean that the other spouse wouldn’t be responsible for it. Both spouses are responsible for whatever debt is created during the marriage. That includes student loan debt.
Equitable distribution and student loan debt
As mentioned earlier, the courts employ a system of equitable distribution when dividing marital debts between spouses during a divorce. So when it comes to student loans that are considered a part of the marital estate, the division would not necessarily be equal. In fact, the principle of equitable distribution can make it so that one spouse is fully responsible for the student loan debt even if they weren’t the one who benefited from it. This might happen if there was a large income disparity between the two spouses. One spouse may be gifted more assets while the other spouse is responsible for more of the marital debt. On the other hand, if the individual who took out the student loans makes considerably more money than the other spouse, they might be fully responsible for the student loan debt.
The role of pre- and post-nuptial agreements
If one spouse goes to college while the couple is married, then the other spouse could be on the hook for some of their student loan debt. One way to avoid this outcome is with the prenuptial agreement. A prenuptial agreement, which is legally binding, can assign the student loan debt as one spouse’s separate property.
That means that even in an equitable distribution state like Florida, the other spouse would not have to pay their partner’s student loan debt.
Talk to a Tampa, FL Divorce Lawyer Today
Faulkner Law Group, PLLC represents the interest of divorcing couples in Tampa. Call our Tampa family lawyers today to set up an appointment and we can begin addressing your concerns right away.
