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!