What You Need to Know about Divorce and Student Loans
Contrary to popular belief, student loans are one of the more complex items to deal with when divorce proceedings are underway. Most of the rules affecting responsibility for student loan debt will differ from state to state, so it is best to employ the services of a Garden City divorce lawyer to help you navigate this journey.
When a divorce is underway, the judge will look to split the marital property according to the exact laws of the particular state you live in. If you live in a state where community property is the rule of law, you can expect the judge will consider both spouses to own everything acquired during the marriage, both assets and debts, and split equally. In a state where equitable distribution is the rule of law, such as New York, it can get a bit more complicated as each spouse has an equitable claim to assets, and the liability for debts is not always equal. The judge will have to decide an appropriate allocation of assets and debts that is fair to both parties.
If the student debt acquired by both spouses is a relatively equal amount, it is easier to handle. The judge will simply rule that each party is responsible for their own student debt and leave it at that. Luckily, depending on what side of the fence you are on, if the debt was taken out before marriage, that debt is owned by the party who actually took out the loan. This can be very easy to prove when employing the services of Garden City divorce attorneys.
If the student loan was taken out after the marriage took place, it can be a bit more difficult to garner a steadfast rule. However, again, this all depends on the state in which the couple lives. By hiring a legal firm such as Fass & Greenberg, it will be much easier to navigate this journey.