Many people throughout the state of California have student debt. Unfortunately, student debt has become the norm in society, as the price of college tuition continues to climb. That being said, if you are someone who has a significant amount of student debt and you are currently going through a divorce, you are most likely wondering how that debt will be divided. To start, you should first understand that if you accrued that debt before you were married, student loan debt is still yours to keep, and it will not be subject to equitable distribution. However, if you went to college and accrued student loans while married, your debt may be distributed in your divorce. Please continue reading and speak with our seasoned Los Angeles divorce attorneys to learn more about how student loans are divided in a divorce and how our firm can help you through every step of the legal process ahead. Here are some of the questions you may have:
Will I have to pay my student loans if my spouse or I co-signed it?
If you co-signed student debt on behalf of your spouse, in many cases, you will still have to pay off that debt even after the dissolution of your marriage. However, this is not always true. For example, if you are capable of refinancing in your own name, or if you can find a lender that allows co-signers, you may be able to break off your attachment to your former spouse’s student loan debt.
What is a community property state?
In the U.S., there are several states that are known as “community property states.” California is a community property state, which means that all debt acquired during a marriage must be split 50/50 in the event of a divorce. However, while most community property states apply this philosophy to student loans, this is not always the case in California. California tends to take the view that since a college education should benefit an individual for years into the future, both financially and otherwise, that person should be responsible for paying off their student loans on their own. That being said, there are no “hard and fast” rules regarding student loan debt in California, which is why regardless of which side you are on, if student loan debt is a part of your divorce, you should strongly consider retaining the services of a knowledgeable California divorce attorney who is familiar with the process. For any further questions, give us a call today.
Contact our experienced Los Angeles firm
Divorce and family law issues are notoriously complicated and personal, which is why you must hire an attorney with years of experience, as well as the compassion and skill needed to handle these sensitive matters. For the qualified, dedicated legal representation you and your family deserve and need, contact Zitser Family Law Group, APC today.