Are student loans marital debt in Illinois?
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Are student loans marital debt in Illinois?
In the case of student loans, educational debt incurred before the marriage took place is typically considered nonmarital property. However, this is not always the case. Illinois courts consider several factors when determining whether or not educational debts are considered part of the marital estate.
How is student loan split in divorce?
This is not always the case. Legally, any student loan debt you incurred before getting married is considered separate property and remains so after the divorce (with the exception of a prenup stating otherwise). So if you borrowed $70,000 to attend law school before marrying your spouse, that debt is yours.
Does your spouse inherit your student loan debt?
Debt you bring into a marriage typically remains your own, but loans taken out while married can be subject to state property rules in divorce. And if one spouse co-signs the other’s private student loan, he or she is legally bound to the loan unless you can obtain a co-signer release from the lender.
What is a prove up in a divorce case?
If you are going through a divorce (or most civil proceedings), hopefully you will hear the term “prove-up”. A prove-up is the name of the proceeding that takes place when a case is settled and finalized.14/03/2016