For many people, going to college to get an education is an important step that they must take to advance themselves in their careers. However, college education does not come with small price tags. According to Forbes, there are approximately 45 million people in the United States with student loan debt, the majority of which owe between $20,000 and $40,000. Student loan debt may be one of the largest debts that either you or your spouse have. If you decide to get a divorce in Illinois, debt can be an important factor when it comes to asset and debt division since you are required to allocate all of your property and liabilities. An experienced Illinois divorce attorney can assist you with this process.
Are Student Loans Marital or Nonmarital Property?
Before you can even begin to look at dividing up student loan debt, you must first look to see if the debt is technically marital or nonmarital property. If the student loans were incurred before the marriage took place, then they would be considered non-marital property and would likely remain the responsibility of the person who incurred them. If the student loans were obtained after the marriage took place, they are considered marital property and will be subject to division.
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