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Student Loans/Marital Debt

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B

Boxcarbill

Guest
pbkermit said:
What is the name of your state? Delaware

My sister is getting divorced from her husband after 12 years - he had an affair - but DE is no-fault, so that has no bearing. There is basically 1 major debt (student loan for law degree), and 1 major net asset (net value of the house)

Her husband got his law degree during the marriage (6 years ago). He incurred $65000 in student loans during the process, which is now $90,000 with interest. Prior to the degree, his income was low, and her income (banker/lawyer) over the life of the marriage was 66% of the total family income. Last year, it was about 55%/45%, and he just gained partnership prior to separation, and was recently named managing partner.

They purchased a home prior to him obtaining a job as a lawyer, so it was done with her money. The home appreciated in value to yield $80,000 in equity. All increases in his income over the last 5 years was spent in the marriage, and not used to pay down the student loan debt.

There are 2 kids, joint custody, and she is the custodial parent and lives in the house. She will have to sell the house because should not qualify for the mortgage.

2 questions:

1) The fact that she contributed a significant majority of the marital assets, does that entitle her to a greater share of the assets?

2) Since she enjoyed limited benefit from his degree, is she responsible for half the debt?

Thanks!
Let me see, there are two law degrees between the H & W and you, the sister, are writing to free advice to get advice on their divorce!
 

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