Divorcing couples need to split up their marital assets, such as the contents of a bank account or their retirement savings. They also have to split up their marital debts. This could include a car loan, credit card debt, a home mortgage and things of this nature.
Where some couples have questions, though, is when it comes to student loans. Clearly, if only one person is going to college, they are the one benefiting from those student loans. But is the debt owned jointly, and do they have to divide it during the divorce? Or does the debt just stay with the student?
When did they take on that debt?
Often, the question is when a couple acquired the debt. If they did so after they were already married, it is likely marital debt, and they are both responsible for making the payments. For instance, perhaps the couple got married, and then one person decided to go back to school so they could get an advanced degree. This benefits them both, and they agreed to the debt together, so they both have to pay it back—even though only one person is actually a student.
On the other hand, perhaps the student took out loans prior to their marriage. Maybe the two met in college and then got married after they graduated. If that debt was already owned by one person before the wedding, then it is probably a separate debt, and they are the only one who is responsible.
This can become complicated, especially when couples disagree on how responsibilities should be divided or when debt was acquired. If you find yourself involved in a dispute while going through a divorce, take the time to look into all of your legal options carefully.