Even without cosigning, your spouse might be liable for your student loans. This is the case if you take out a student loan after you’re married and live in a community property state, such as Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington or Wisconsin.
Is student loan debt shared in a divorce?
Debt obtained after the marriage is typically regarded as shared debt and will be divided during the property division process. If student loan debt is determined to be marital debt, then it will likely be divided between both parties.
Can you marry someone with student loan debt?
Marrying someone with student loan debt won’t make you liable for their loans. No. Student debt that you bring into a marriage remains your debt. Let’s say you have $30,000 in federal student loans and $40,000 in private student loans when you get married.
Can a person be responsible for their spouses student loans?
Marrying someone with student loan debt won’t make you liable for their loans. No. Student debt that you bring into a marriage remains your debt. Let’s say you have $30,000 in federal student loans and $40,000 in private student loans when you get married. Your spouse might help pay down your debt, but you’re the only one legally responsible.
What happens to your student loans if you divorce?
If you do repay them, it will help your credit, rather than your spouse’s. If you divorce, your spouse has no bearing on the loans or the debt. Your spouse cannot be held accountable for any of your debt before marriage.
Can a student loan affect your spouse’s credit?
So if you have student loans, you don’t have to worry about them having a negative impact on your spouse’s credit history. These student loans won’t be listed on your spouse’s credit report. The exception to this is if you and your spouse have any shared loans or accounts, including co-signed student loans.
