Gumm & Green, LLP, Attorneys at Law
Take Your First Step To A New Beginning
855-707-4233 | 805-577-7657

A look at student loan debt and the divorce process

A divorce in California involves the division of the spouses' marital assets and debts. Although the state views marital assets as community property that should be divided equally upon the dissolution of marriage, family law carves out some special rules for student loan debt.

Student loans taken out by individuals prior to tying the knot could likely remain the responsibility of the borrower after the divorce. As for student loan debt acquired during a marriage, the state typically assigns it to the person who received the loan. This represents an exception to how family law typically divides other marital debts between both people. A spouse who co-signed on a student loan from a private lender for the other spouse, however, will likely remain responsible for the debt regardless of the terms of the divorce.

The changes to someone's income after a divorce could potentially qualify a person to alter the repayment plan. When a person must live on a single income after living in a two-income household, the lender might approve a lower loan payment going forward. The U.S. Department of Education provides information on loan payment adjustments after income loss.

A person considering divorce naturally has an interest in protecting assets and limiting the imposition of paying for an ex-spouse's debt. A consultation with a family law attorney may educate the person about how the law separates marital assets from individual assets. An attorney's services may help someone document individual possession of an asset or exempt it from the property division phase of divorce. Legal support might improve someone's ability to understand complex assets, like business assets, an inheritance or investment holdings. A clear understanding of rights may prepare someone to negotiate effectively and arrive at an equitable divorce settlement.

No Comments

Leave a comment
Comment Information

Get Support Today

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Email Us For A Response

Office Location
5743 Corsa Avenue, Suite 111
Westlake Village, CA 91362-6440

Toll Free: 855-707-4233
Phone: 818-707-4233
Phone: 805-577-7657
Fax: 818-707-4262
Map & Directions

Local Numbers