When filing for divorce, there are many factors to consider. Along with diving assets and liabilities, you must figure out things like child custody, who will retain ownership of the house and more.
Some divorcing couples question whether they can be reimbursed for covering the cost of their spouse’s education during the marriage.
What does the law say?
According to California Family Code 2641(b)(1), the answer is yes. This law states that reimbursement is provided for community contributions to the training or education of your spouse if it significantly increases their earning capacity.
The total amount that is reimbursed is with interest at the set legal rate that accrues from the end of the calendar year when the payments were made.
What does this mean for your divorce?
In simple terms, it means that if marital funds went into covering the cost of your spouse’s education and you are now divorcing, you can be reimbursed for your contribution.
It’s important to have documentation that shows how much was paid and when it was paid to receive this reimbursement.
Your rights in a California divorce
Understanding what you are legally entitled to when filing for divorce is important. This is the only way you can feel confident that you are receiving a fair amount of compensation and that you are getting the assets you deserve.
Working with professionals during your divorce, including accountants, can be beneficial to help you protect your financial situation and ensure you get your fair share of marital assets. While it may be tempting to move through the process as quickly as possible, it’s not a smart move.