Best answer: Do I have to pay my wife’s student loans after divorce?

After a divorce, student loan debt is typically still the responsibility of the person who incurred it. However, there are exceptions depending on your personal situation and what the courts decide is fair and equitable division for both spouses.

What happens with student loans in a divorce?

A Divorce Agreement Doesn’t Affect the Loan Contract

When you get divorced, your spouse can agree to pay for your debts even if their name is not attached to the loan. This may do this in lieu of alimony payments or because you paid off one of their loans earlier in the marriage.

Can a spouse be held responsible for student loan debt?

Marriage does not make you responsible for student loan debt your spouse incurred before you tied the knot. Each spouse remains responsible for the debt they borrowed to pay for school. Even if you live in a community property state, premarital debt is considered separate property.

Is spouse responsible for student loan debt incurred before marriage?

If your spouse took out the loans before you got married, you usually are not on the hook for the debt unless you co-signed the loan. If you co-signed your spouse’s loan, you share responsibility for the debt even after your divorce is finalized.

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Is my ex husband responsible for my student loans?

When a married couple borrows student loans, the loans are considered to be the joint responsibility of the spouses if they lived in a community property state. When you borrow student loans before a marriage or after legal separation or divorce, they remain the borrower’s responsibility.

Is student loan debt divided in divorce?

Shared vs.

If student loan debt is determined to be marital debt, then it will likely be divided between both parties. The division of property and debt in divorce cases is governed by Section 503 of the Illinois Marriage and Dissolution of Marriage Act (IMDMA).

Does marriage affect student loans?

If you’re on an income-driven repayment plan for your federal student loans, getting married could affect your payments. If you file your taxes as “married filing jointly,” your income and your spouse’s income will be combined into one adjusted gross income. As a result, your bill could increase.

What is marital debt in divorce?

Marital Debt Defined

In general, marital debt is debt that was acquired during the duration of the marriage. Separate debt most often means debt that a spouse had prior to marriage. Separate debt means the party who walked into the marriage with the debt is responsible for it after the divorce.

Will my wife’s student loans affect my credit?

A partner’s debt also generally won’t affect your own credit scores unless you cosign a loan or take steps to refinance the debt together. … This means you will most likely not be legally responsible for any of your partner’s debt, whether they accrued it before or after you were married.

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Do I have to include my husband’s income for student loan repayment?

Your spouse’s income is included in calculating monthly payments even if you file separate tax returns. However, a borrower may request that only his/her income be included if the borrower certifies that s/he is separated from his/her spouse or is unable to reasonably access the spouse’s income information.

Who is responsible for student loan debt in divorce?

Legally, any student loan debt you incurred before getting married is considered separate property and remains so after the divorce (unless a prenup states otherwise). So if you borrowed $70,000 to attend law school before marrying your spouse, that debt is yours.

Is my spouse’s debt my responsibility?

You are generally not responsible for your spouse’s credit card debt unless you are a co-signor for the card or it is a joint account. However, state laws vary and divorce or the death of your spouse could also impact your liability for this debt.

Is a student loan considered community property?

You live in a community property state

If you live in one of the following states, you could remain responsible for repaying your spouse’s debt: Arizona, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington or Wisconsin. California is also a community property state, but it treats student loans separately.