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!