Student loans are one of the main sources of debt that couples have. Many people take out loans in their late teens or early 20s that they end up paying back for years or even decades.
When a couple gets divorced, they’re obligated to split up both their assets and their debts. For some of these debts, the process can be straightforward. For instance, if the couple had a joint credit card account, they may just need to split the debt in half because they’re both responsible for it. But what happens to more substantial forms of debt, such as student loans?
Separate and marital assets
One of the defining considerations is whether or not those student loans qualify as marital assets. If they do, then they often need to be divided.
For example, say that your spouse took out student loans at 18, when they started college—two years before you even met them. If they’re still paying off those loans during your marriage, that doesn’t necessarily mean you’re responsible for them. The loans are likely considered a separate debt that your spouse will retain after the divorce.
On the other hand, say that you got married in your mid-20s and your spouse went back to school to get their master’s degree. The two of you took out student loans as a married couple. In this case, those loans may be considered a marital debt, meaning you could end up responsible for a portion of them after the divorce—even if you weren’t the one who went back to school.
Dividing debt can be complicated and sometimes contentious, so be sure you understand all of your legal options.