Who Owes Student Loan Debt in a Divorce…is it Joint?
In the US Americans owe approximately $1.77 trillion dollars in student loan debts. That is a staggering figure! So, understandably, figuring out how these loans are dealt with can be very important for couples contemplating a divorce. In Ohio, there are many factors that need to be considered. Ohio is an equitable property division state. That means that the Court does not have to divide marital debts equally but only in a “fair or equitable” manner.
WAS THE DEBT INCURRED BEFORE THE MARRIAGE?
If so, the general rule in Ohio is that such a loan would be considered personal to the individual who incurred it. That person would continue to be solely responsible to pay his/her student debt loan.
WAS THE STUDENT LOAN DEBT INCURRED AFTER THE MARRIAGE?
Student loans obtained by one spouse during the marriage may be categorized as marital debt subject to equitable distribution. Heavilin v. Fillman, No. 2019-AP-04-0014, 2019 Ohio App. LEXIS 5502, at *10 (Ohio Ct. App. Dec. 23, 2019); Harris v. Harris, No. 2006-CA-0003, 2007 Ohio App. LEXIS 1160, (Ohio Ct. App. March 16, 2007); Webb v. Webb, No. CA97-09-167, … Read More... “How are Student Loans Treated in an Ohio Divorce?”