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Could student loans be a factor in divorce?

On Behalf of | May 9, 2022 | Divorce |

Individuals in Georgia and elsewhere may encounter various topics to consider and difficult choices to make when preparing to protect their financial futures during the end of a marriage. One topic that it might not be difficult to overlook could pertain to the presence of debts and the role such issues could play during a divorce. Student loan debts continue to affect the lives of many individuals, some of whom might wonder how the presence of such debts might impact the outcome of a divorce. 

Addressing student loans 

There may be a variety of topics to address when determining the possible role student loans might play during a divorce. One of the first factors to consider could pertain to whether such obligations will be deemed marital or separate property. This might depend on whether a person took out student loans before or during a marriage, or even depend on whether the other party received any type of economic benefits. 

In some cases, couples may also accrue student loan debt after taking steps to help their children seek a higher education. Experts indicate that with similar arrangements, it might not be uncommon for such debts to be considered marital property. If student debts will play a role in the outcome of a divorce, their presence could have a significant influence on the decisions each party makes and seeking advice on how best to approach such issues could prove imperative. 

Seeking advice on the options 

Student loans are just one example of a complex topic that one might need to address when facing a divorce. Those who encounter similar concerns and remain uncertain how best to approach the issues at hand could benefit from consulting with an attorney for guidance on all their available options. A family law attorney in Georgia can evaluate all a client’s questions and concerns and provide insight in making informed decisions while preparing a strategy to safeguard his or her financial future during subsequent divorce proceedings. 

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