HOLLYWOOD, Florida. Divorce can impact all aspects of your life—from your finances to your personal life, to how your family life will be structured. If you have student loans, it is important to consider how divorce might affect your student loan payments.
During a divorce, you and your ex will divide your assets and your debts. How do student loans factor into these divisions? If you and your ex took out your student loans before you were married, then each of you will keep these debts separately because these debts won’t be considered marital property. What happens if one or both of you took out student loans after you got married? Here is where things can get a little complicated. If your ex took out student loans and only used the loans to pay for books and tuition, then the courts might find that the loans belong solely to your ex. However, if your ex took out student loans and the money was used to pay for your housing or food, then both of you could be on the hook. Another factor that can impact your divorce is if both your names are on a private student loan.
According to Student Loan Hero, it is also important to consider the difference between your obligations to a lender and what you write up in your divorce agreement. If your name is on a loan, a lender could still pursue you for the loan even if your ex promises to pay the loan in a divorce agreement. So, make sure to consult a qualified divorce lawyer in Hollywood, Florida, like The Law Offices of Jodie Bassichis, P.A. if you find yourself wondering about how student loans might factor into your divorce.
What are some things you can do to protect yourself? Some loan companies may permit one partner to be removed from the loan. If this is possible, you could protect yourself by legally removing your name from the loan and removing your responsibility. Your ex could also refinance the debt in his or her own name, another way to remove your name from the loan. If neither of these options are possible, you could sell some assets to pay the debt.
According to CNBC, 1 in 8 marriages ends due to student loans. Student loan debt exceeds 1.8 trillion. Many marriages end due to financial stress and nothing can cause greater financial stress than a big student loan bill interfering with the family reaching other goals, like owning a home or having children. In 13% of divorces, the couples cited their student loans as one of the reasons their marriage failed.
Getting divorced might impact your monthly student loan payments. Some couples benefit from lower individual payments when their combined income is considered in light of their two-person household. If you aren’t sure how your monthly payments will change, now might be the time to talk to an accountant because these figures can factor into what you think you can afford in terms of housing and lifestyle post-divorce.
Divorce is never easy, but you don’t have to navigate the legal and financial questions alone. The Law Offices of Jodie Bassichis, P.A. are divorce attorneys in Hollywood, Florida who can help you. Visit us at http://floridadivorcesource.com/ to learn more about your options and rights.
 

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *