What happens to student loans after divorce?

What happens to student loans after divorce?

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.

Is student loans considered marital debt?

Even if your—or your spouse’s—student loans are considered marital debt, that doesn’t necessarily mean that the other party will be liable for them in the event of a divorce. In a community property state, marital assets and debts are split 50-50 between the parties when they divorce.

Can you sell a house if you own half?

First of all, thanks for specifying your ownership agreement. Being a tenant in common, you are able to sell your share of the property. Once the property is sold, the profits of the sale are split according to the ownership agreement, after stamp duty, agent and conveyancer’s fees and court costs are deducted.