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Serving Kane, McHenry, DuPage and Cook Counties
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Kane County divorce attorney division of marital debt

There is no doubt that student loan debt is on the rise in the United States, and something that is burdening the nation. According to America’s Debt Help Organization, the total of U.S. student debt loans is up to a shocking $1.4 trillion. The investment in college is a big decision, and this high price tag often comes with great rewards. Obtaining higher education is important to many, and can offer new career opportunities that can propel the future of families in a positive direction. However, this debt is increasingly becoming an issue of concern for couples who are considering getting a divorce. It is important to consider how the division of assets and debt during your Illinois divorce proceedings can impact you. 

Who Is Responsible for Student Loan Debt in a Divorce?

Typically, the debt that was acquired from student loans before the marriage is of the responsibility of the spouse who attended higher-ed schooling. However, if the student loan debt was obtained during the marriage, then it is likely that will be considered marital debt. Many factors are still taken into consideration, such as when the debt occurred in the marriage, who was the main benefactor, and the earning power of each partner. For example, if a partner acquired a medical degree to bring in a higher income for the family, it may be deemed marital debt since the increased income benefited the marriage as a whole entity. 

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