Clinton
recently joined
Reged: 09/09/10
Posts: 1
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I am 43 years old and my 41 year old wife of 22 years just announced that she is divorcing me barely two months after completing nine years of medical education. (Four years of medical school, one year as an intern, a two year residency and a two year fellowship). Our two children are in college and largely self sufficient. Her income averaged in the mid 20’s for the last five years and now in her first real job she is making $95,000 (it’s the lowest offer she received) and is also doing a lot of consulting for pharmaceutical companies but I don’t how much she is getting paid. She was a stay at home mom before she started medical school.
The medical education was very challenging for her, but also was very hard on me - and the children. We borrowed heavily for medical school tuition (the total costs for medical school were over $112,000) and I essentially liquidated my retirement accounts to pay for an expensive private school for the children (through high school).
Our house is now worth about $275,000 and the mortgage balance is just over $140,000. There is an outstanding school loan for less than $30,000.
I make $122,000 and just got a contract to write a business book. She says although I make so much more than her and will make a lot of money from the book (which is highly uncertain/unlikely) that she will agree to pay the mortgage and school loan in exchange for keeping the house (and everything in it). She says if she gets a lawyer she will get much more including a percentage of my future earnings.
Is this correct? Is there a standard – fair formula for this type of situation? Greatly appreciate any feedback.
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Maury
Carpal \'Tunnel
Reged: 06/02/04
Posts: 8146
Loc: This Asylum --->
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In many states, student loans are not marital debt. Until you determine if that is the case in your state, you will be unable to evaluate the offer.
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