CSG Law Alert: The Ghostly Specter of Student Loan Debt and Divorce
With the ever-increasing costs of college and post-graduate degrees, and thus the increasing need for student loans, you may wonder how student loans factor into a divorce. Below are some commonly asked questions and answers to help you navigate this issue.
Am I responsible for my spouse’s student loans incurred prior to the marriage?
No! Student loans taken out before the marriage are the responsibility of the party who borrowed the money.
What about student loans taken out during the marriage?
It depends. Student loans incurred during the marriage are treated like any other marital debt. A court will look at what’s fair or “equitable,” not necessarily what’s equal. For example, a judge might decide that the spouse who incurred the debt should be solely responsible for the debt or that both spouses should share the debt. The division of debts depends on the specific circumstances of your divorce.
Do student loans affect child support?
They might. Substantial student loans could be a factor in calculating child support. The court will consider whether the debt was necessary to further a parent or a child’s educational goals and increase a parent’s income and whether those goals could have been achieved without incurring the debt.
For guidance and answers to your questions regarding this important subject, contact the family law attorneys at CSG.