Legally, any student loan debt you incurred before getting married is considered separate property and remains so after the divorce (unless a prenup states otherwise). So if you borrowed $70,000 to attend law school before marrying your spouse, that debt is yours.
Hereof, are you responsible for your spouse’s student loans?
If you cosigned on your spouse’s student loans at any time, whether they’re federal loans, private loans, or refinanced loans, that means you are legally liable for those student loans.
Considering this, when you marry someone who has student loan debt?
When you get married, if either one of you takes on any new student debt or refinance your existing loans, it legally becomes both partners’ responsibilities if you live in a community property state — Arizona, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington or Wisconsin. California is also a community property …
Do student loans disappear after 7 years?
Do student loans go away after 7 years? Student loans don’t go away after seven years. There is no program for loan forgiveness or cancellation after seven years. But if you recently checked your credit report and are wondering, “why did my student loans disappear?” The answer is that you have defaulted student loans.
How do I protect myself financially from my spouse?
A financial advisor can help.
- Be Honest With Yourself About Their Financial Tendencies Before Marriage.
- Have a Heart-to-Heart With Your Spouse as Soon as Possible.
- Take Over Paying the Bills Yourself.
- Seek Financial Help and Counseling.
- Protect Yourself and Your Own Finances.
- Bottom Line.
- Financial Planning Tips.