Gregg R. Lewis

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Gregg R. Lewis
Trusted Family Law Services In Columbus

How are student loan debts divided in a divorce?

| Jun 19, 2018 | Complex Property Division |

Property division is an important aspect of any divorce. You have to divide up everything from your house to your bank account. You both probably have property you want. However, part of the division of property in a divorce is also the division of debt, which neither of you probably want. Some debts, such as credit cards, are easily divided. Other debts, can be trickier. One such debt is student loans.

Student loan debt is something that many people have. Perhaps you had this debt before coming into the marriage. In that case, Forbes explains, it will probably remain your debt after the divorce. If you used all your student loan money to pay for your education and related expenses, then it probably will be your debt as well.

However, things get difficult, if you used portions of your student loans to pay for household expenses or things outside of your schooling. In that case, the responsibility for the debt may be shared by you and your spouse. The court may also declare student loans as marital property. If this happens, it will be divided as your other property was. For example, if your whole household benefited because you earned a degree and was then able to earn more money, then the loans could be declared marital property. Also, the court may look at how much you earn compared to your spouse. If there is a large difference, then your spouse may be ordered to pay some of your student loan debt. This information is for education and is not legal advice.