Wendy from Cincinnati called into “The Ramsey Show” with a painful question: Can she get more than half in a divorce after carrying her husband’s $300,000 student loan burden for a decade? The answer from personal finance personality Dave Ramsey was frank: probably not.
She Paid, He Sat Back
“My husband and I are looking into getting a divorce,” Wendy explained. “He wants half of everything, but I'm trying to find a way that is more fair for both of us.”
She said that when they married 10 years ago, he brought in $300,000 of student loan debt. Wendy created a plan to aggressively pay it off by investing in rental property and having him pick up extra shifts—about $1,000 a month. “He refused to pick up any shifts,” she said. “He said that’s not his life passion.” Regular viewers of the show already know what happened next—Ramsey burst out laughing.
Don't Miss:
- The same firms that backed Uber, Venmo and eBay are investing in this pre-IPO company disrupting a $1.8T market — and you can too at just $2.90/share.
- ‘Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can invest today for just $0.30/share.
Wendy ended up working two jobs and covering the bills herself. Despite her efforts, she said, “Every time when it came to when bills needed to be paid, he just said he doesn't have the money.”
Today, Wendy earns $140,000 a year. All their real estate—a $300,000 rental and a $400,000 home—is paid off. But now that she's finally considering divorce, her husband wants an equal split.
“You put up with this for too long,” Ramsey told her.
Trending: Bezos' Favorite Real Estate Platform Launches A Way To Ride The Ongoing Private Credit Boom
50/50 Split?
Unfortunately for Wendy, Ohio generally follows equitable distribution, which often results in a 50/50 split—but not always. A judge can consider various factors to decide what's fair. Ramsey didn't sugarcoat the reality: “The law doesn’t care,” he said. “Unless there’s something else other than you just earned more and he was lazy, that one doesn’t work.”
Co-host Rachel Cruze pointed out the double standard Wendy feared: “If this was a guy calling and saying his wife was home, why does it make it simple?”
Ramsey replied, “If she was at home saying it’s not my passion to work much after she had made a commitment with $300,000 worth of student loan debt to work and help get it paid off, I’m going to bring down on her just like I’m going to bring down on him. Nobody gets out of that one alive.”
The hosts speculated that her husband had been coddled all his life. “His wife was his new mommy,” Ramsey said. “That’s what happened. He’s a mama’s boy.”
See Also: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — And You Can Invest At Just $6.37/Share
What Comes Next
Wendy is still at the beginning of the divorce process and hasn't yet spoken to a lawyer. Ramsey urged her to do that immediately, while Cruze reminded her that the silver lining is a fresh start.
“It's easier to swim without an anchor tied around you,” Ramsey said.
The hosts encouraged her to take control of her future now that she's free from the emotional and financial weight of her marriage. “You get a fresh start, kiddo,” Ramsey said. “With or without some rental property.”
Read Next: In a $34 Trillion Debt Era, The Right AI Could Be Your Financial Advantage — Get Your Demo
Image: Shutterstock
