Am I Responsible for My Spouse’s Student Loan Debt if We Divorce?
To answer this question, you have to understand a little about Florida divorce law and the concept of the marital estate. The marital estate is what gets divided during a Florida divorce. It begins accruing assets and debts the moment you are married and ends the moment a divorce petition is filed. If the student loans were accrued during the marriage, that automatically means that they are considered marital debt. If the student loans were acquired before the marriage (which tends to be more likely), then the student loans remain the sole liability of your 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’s part of the marital estate and subject to equitable distribution. Florida is considered an equitable distribution state (as opposed to a community property state), meaning assets and debts are divided according to what is fair and not necessarily equally. In addition, just because one spouse incurred the debt, it doesn’t mean that the other spouse wouldn’t be responsible for it. So, it is distinctly possible that one spouse could be responsible for half the student loan debt of the other spouse.
Equitable distribution and student loan debt
As we discussed earlier in this article, the courts employ a system of equitable distribution to divide marital debts between the spouses during divorce. So, when it comes to whether student loans are considered a part of the marital estate, the division may not necessarily be equal. In fact, the principle of equitable distribution makes it possible that one spouse is responsible for all the debt even though they weren’t the one who benefited from it. This generally happens when there is a large income disparity between the spouses. One spouse may be awarded more assets while the other spouse is responsible for more debt. On the other hand, if the spouse who took out the student loan makes significantly more money than the other spouse, they might be responsible for repaying all of the debt. It depends on several factors.
The role of prenuptial and postnuptial agreements
If one spouse goes to college while married, then the other spouse could be on the hook for their student loan debt. One way to avoid this possibility is by using a prenuptial or postnuptial agreement. This agreement, which is legally binding, can stipulate that the spouse who took out the student loan is solely responsible for repaying it. That means that, even in an equitable distribution state like Florida, the other spouse would be protected from taking on that debt.
Talk to a St. Petersburg, FL, Divorce Lawyer Today
The St. Petersburg family lawyers at the Law Office of Kevin F. Coleman represent the interests of couples who are looking to untie the knot. Call our office today to schedule an appointment, and we can begin discussing your next steps right away.
