You may share debts in a marriage, and then those debts get equitably divided in a divorce, so what does this mean for student loans in your divorce? Usually speaking, if educational debt preceded your marriage, this is your separate property, before, during, and after a marriage. So this means that even if your soon-to-be ex has been helping you with repaying your student debt, a divorce would mean that the debt is entirely yours again.
What if you incurred this student debt during your marriage? Depending on your situation, you might keep the debt, but the court may order your ex to make spousal support payments to better enable you meet these loan payments. But on the other hand, you could be left with all your student debt, while your soon-to-be ex could be owed more in property division because of your degree. In New York, a degree that was obtained during marriage is viewed as marital property, which means a spouse could be compensated for their support while the other pursued education, which could include their driving you to school, cooking lunches, even putting off their own plans to help you through school, etc.
If you have a significant amount of student debt, this means that you may have to take special preparatory steps to your divorce. For instance, you may need to look into negotiating a modified payment plan so that you can handle the payments on your own. Better yet, you can prepare by addressing student loans (and all your other debts) in a nuptial agreement, an agreement that you can create before or during marriage. Assets are often addressed in a prenuptial or postnuptial agreement, but you can't forget about the debts either.
If you need help through property division in a divorce, or if you need to create a nuptial agreement that fully protects your rights and future, do not wait to work with a Long Island divorce lawyer at the Meyers Law Group, P.C. Call our team today!