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b2ap3_thumbnail_Untitled-design-42.jpgStudent loans are common for anyone with a higher education. Since many people have high amounts of student loan debt that takes them decades to pay off, the issue of student loan debt often arises in the divorce process. If you are going through a divorce, you may be wondering how student loan debt will be divided and whether it will remain with the spouse who incurred it.

The truth is student loan debt is treated just like any other debt in a divorce. Therefore, if the debt was incurred before you got married, it is “separate” and becomes the responsibility of the spouse who borrowed the money. 

However, if the student loan debt was incurred during your marriage, it is known as marital debt like a mortgage, car loan, credit card debt, and personal loan. In the event your student loan debt is marital debt, you and your spouse will likely both have repay it.

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Illinois divorce attorneysFor a majority of couples undergoing the divorce process, money is often one of the biggest concerns, as bank account balances following the end of a marriage can significantly impact one’s financial standing post-divorce. Bouncing back from and adjusting to the lifestyle transition that divorce brings about can be difficult under even the mildest circumstances, but lack of proper debt division and asset disputes can further complicate each party’s attempt to overhaul their finances.

Divorce Debts and How They are Handled in Illinois State

The Illinois Marriage and Dissolution of Marriage Act includes debts and other standing obligations as financial matters to be considered among the division of marital property. The law defines “marital property” as any property (or debts) acquired by either spouse after the marriage took place. This means any joint loans, credit lines, or accounts opened in both spouse’s names are marital property and are considered the responsibility of both parties in the event of divorce. These responsibilities can include everything from cars, furniture, and savings accounts, to stock portfolios and retirement savings plans.

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Illinois divorce lawyersIn divorce, it is not just the assets that are divided. Instead, divorcing couples must also split their debts. With more than 44 million student loan borrowers in the United States, all with a total debt of about $1.4 trillion, you can be sure that, in at least some divorces, there is a distribution of student loan debts. When and how does this happen? How might it impact your Illinois divorce? The following explains, and it provides details on where to find assistance with your case.

Marital versus Non-Marital Student Loan Debt

Like with assets, distribution of debt typically only debts that were acquired during the marriage. As such, student loans that were obtained before marriage are likely to be excluded from the marital estate. It is important to note, however, that student loan debt does not automatically become a part of the marital estate, just because the debt was incurred over the course of the marriage. Instead, there are several factors that may be used to determine whether the student loan debt is a part of the marital estate. These factors include:

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Whether you are going through a divorce, injured in an accident, need to file a workers' compensation claim, charged with a crime, immigrating to the United States, or need to file for bankruptcy, Mevorah Law Offices LLC can help. Our trial lawyers have over 35 years of experience helping clients throughout Northern Illinois from five offices in Lombard, Bloomindale, Joliet, St. Charles, and Chicago.

Steven Mevorah has assembled experienced attorneys under one roof so that his clients need not search for a new attorney each time they need help. Mr. Mevorah has also established a wide network of additional attorneys so that his clients merely need to stop by Mevorah Law Offices LLC to find the attorney they need.

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