Is One Party’s Student Loan Acquired During the Marriage a Marital Asset?
Yes! Even a student loan debt incurred during the marriage by one party is considered a marital asset under Florida Law. Due to its classification, as a marital asset, the student loan debt is subject to equitable distribution between parties.
A student loan debt can be unequally distributed only with sufficient factual findings to advise the parties or the reviewing court of the trail court’s reasoning and rationale for the unequal distribution.
Despite a frequent argument that one should not be required to pay the other’s student loan debt because of the benefit gleaned from the education; that alone is not a factor to be considered when allocating the student loan debt.
Furthermore, controlling Florida case law forbids a trial court from awarding the student loan debt incurred during the marriage solely to one party or the other. However, if the student loan debt was incurred prior to the marriage it is non-marital therefore remains with the indebted party and is not subject to equitable distribution.
If you have any questions regarding the above as it relates to your case, either submit an online inquiry for a consult or call The Mark’s Law Firm at 407.872.3161.