How education can impact property division settlements

New Jersey couples who decide to end their marriages have several challenges to face in the process. Every aspect of life can be affected and changed during and after a divorce. Many divorce legal issues impact spouses financially as well as emotionally. These can include child custody and child support, spousal support and property division. Additionally, all of these things can be interconnected with one affecting the other.

When determining a property distribution, couples should remember that is it not just assets but also debts that must be allocated. Mainstreet notes that student loan debt is often considered separate property if the loans were incurred before the couple got married. Any loans taken out for education purposes during the course of a marriage, however, could be considered marital debt. If the education of one spouse while married was in any way facilitated by the other spouse, this could also impact support or other decisions in a divorce.

According to Forbes, vocational experts are sometimes called upon to help identify the economic impact of each spouse’s education and careers when getting divorced. The current and potential income of each spouse can directly impact how much, if any, child support or alimony is ordered to be paid from one person to the other. It is also important to note that one person’s choice to work at a lower-paying job may not always prevent a judge from assessing that person’s full earning potential for the purposes of a divorce settlement.

Education and the amount of income that a person can be expected to earn in part based upon an education can have a direct effect on the outcome of a divorce. Understanding these elements is important for any couple in New Jersey before they divorce