Readers in Georgia, Georgia, know that dissolving a marriage is one of the most difficult chapters in a couple's history. Many issues must be discussed before the process is finalized. Property division is one divorce issue that addresses the equitable distribution of property, assets and debts. Georgia is an equitable distribution state which always provides a fair and just division of marital assets.
Some spouses may be unaware that division of marital property also includes all marital debts, including student loans. However, spouses should also be aware of when a student debt was assumed because that date can affect the division of marital assets during divorce. If the student loan was incurred before the couple was married, the debt will be considered a separate property by the person who took the loan and therefore will not be subjected to division.
In cases where the student loan was floated during marriage, the debt is likely to be treated as amarital property and therefore subject to division. It is a tricky process as some judges have discretion in deciding on how to divide debt. Often, a spouse's contribution to education advancement of the other will be taken into consideration. If a spouse will be unfairly burdened with debt once the marriage has ended, the other spouse may be subject to paying spousal support that includes an amount that can address the debt.
The division of student loans is just one tricky area of property division for Georgia residents. People should make sure they have a firm grasp on all their assets and liabilities before trying to settle their property division issues during a divorce.