On behalf of The Law Office of Gustavo E. Frances, P.A.
The last thing you wanted to go through was a divorce, but If it happens, you need to secure help from a Fort Lauderdale divorce attorney. Divorce cases can become complex, especially if they are contested. However, even an uncontested divorce contains details that you want to get right. Today, we want to talk about the part of the asset distribution that many people do not think about – splitting debts and how student loans are affected by divorce. You can count on The Law Office of Gustavo E. Frances to be by your side.
What About Those Student Loans?
When most people think of divorce, they think about splitting assets. In Florida, the law required that property be split in an “equitable” manner. However, this does not mean equal. We also want you to know that not only will the assets be divided, but so will the debts that were acquired during your marriage. That includes things like mortgages, personal loans, credit card debts, and more.
But what about your spouse’s student loans?
The big question is going to be this – When was the student loan debt acquired?
If your spouse’s student loan was acquired before the marriage, that would likely be considered separate property, and you will not be on the line for it after the divorce. However, if you and your spouse ever consolidated loans during the marriage and the student loan was included, the consolidated loan will be split equitably during the divorce.
If the student loan was acquired during the marriage, it is going to be considered marital property and will be split equitably during the divorce. Yes, you could be on the line for your spouse’s student loan even if:
- They did not even graduate
- You obtain no benefit from the loan
- It is for a tremendous amount
Other Divorce Issues You Want To Be Ready For
Asset and debt distribution can be incredibly complex. Think about any of the following you may have that need to be divided equitably:
- The marital residence
- Other homes purchased
- Pensions, IRAs, 401(k)s
- Stocks, commissions, and salaries
- Vehicles, RVs, and boats
- Other real estate
- Furniture, artwork, collectibles
However, these are not the only issues that need to be settled during a divorce. You may also be facing spousal maintenance issues or child support and child custody if there are minor children involved.
Let Us Help You Get Through This
If you are going through a divorce, you need to consider seeking help from a qualified and experienced Fort Lauderdale divorce lawyer. These cases are emotional and can become complicated. With the help of an attorney, you can be sure you are being treated fairly at all times. The Law Office of Gustavo E. Frances is ready to handle every aspect of your case. If you need a Fort Lauderdale defense attorney by your side, you can contact us today by clicking here or calling 954-533-2756 for a free consultation.