Will you be responsible for paying student loan debt?

In the midst of a divorce, dealing with the emotional issues may be difficult enough. However, preparing for life after divorce is something that all divorcees should be preparing for, and your emotions should not impair this process. As we have noted in some of our prior posts, developing a post divorce budget is key; but what good is a potential budget if you don’t know what you are going to be responsible for after your divorce is finalized.

Indeed, paying off debts can be just as contentious as fighting over assets. The battle over debt can be especially contentious when it comes to deciding who is going to pay off student loans. It was not too long ago that people were going back to school because the job market was in shambles. Now that the economy has stabilized to a certain extent, many college and grad school graduates are still dealing with debt.

So how do divorcing couples deal with dividing student loan debt?

Illinois family court judges have a great deal of discretion in determining who will pay marital debts, and student loan debt is no different. However, there a number of factors that judges will consider in assigning debt, including how the estate is being divided, who benefitted from the education that spawned the debt, and a person’s ability to pay the debt.

Because of this, people who are planning their post divorce budgets should not simply assume that their ex is going to pay for their student loan debt. A conversation with an experienced family law attorney can help in establishing a solid plan.

Read Our

Recent Blogs

Does Child Support Cover Medical Expenses?

Your child support is meant to cover many of the costs that come with raising a child, and that does include medical expenses. However,…

Read More
Can a Judge Order a Parent To Pay For College?

If you are not the custodial parent, do you have to pay for your child’s college? You can be ordered to pay for college,…

Read More
Butler, Giraudo & Meister, P.C. Awarded John C. McAndrews Pro Bono Service Award

We are thrilled to announce that Butler, Giraudo & Meister, P.C. was recently awarded the 2024 John C. McAndrews Pro Bono Service Award by…

Read More

Contact Us Today!

  • This field is for validation purposes and should be left unchanged.
Group of attorneys