If you have federal student loans and are on an income-driven repayment (IDR) plan, your monthly payments could be impacted by divorce. If you’re married, monthly payments are usually based on your joint income. But when you get divorced, the payments will only be based on your income.

Is wife responsible for husband’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. If your spouse dies or is otherwise unable to pay back their loans, the lender will look to you to pay them back.

What debts are included in divorce?

All community debt and liabilities are a necessary part of your divorce settlement. Debts include credit cards, car loans, mortgages, lines of credit, and other consumer loans. Personal guarantees made for business debts and lines of credit also need to be addressed.

Who is responsible for a student loan in a divorce?

Assets acquired with this income are the married couple’s joint property. Similarly, any debts incurred during the marriage, including student loans and parent loans, are the married couple’s joint responsibility, even if only one of the spouses benefited from the debts.

Can a spouse be liable for a student loan?

If you take out student loans during your marriage and live in a community property state, your spouse could be liable for your debt. According to the legal website NOLO: “In community property states, most debts incurred by either spouse during the marriage are owed by the ‘community’ (the couple),…

What happens to student loan debt when you get married?

One of the most common misconceptions about dividing student loan debt is that all debt obtained before getting married becomes shared debt once you’re married. This is not always the case.

Can a spouse stop making payments on a student loan?

If the couple does not deal with the debt, it can become a weapon that one spouse uses against the other. One spouse can stop making payments on the debt, knowing that the other spouse will have no choice but to start making payments.