Student loan debt is a common concern that many people in Colorado face. This problem can be even more magnified in a divorce when exes are concerned about being saddled with someone else’s debt. The good news is that there are only limited situations in which you would be stuck paying for your former spouse’s student loans after the divorce is final.

The spouse who signs pays

Colorado is not a community property state. When it comes to debts, this means that the spouse whose name appears on the loan is the one who is responsible for paying it back after the divorce. That does not change whether they took out the student loan before or after the marriage. The only way that this may change is if the other spouse ended up as the co-signer on the loan. If you have guaranteed your spouse’s debt, that survives the marriage, and you could still be stuck even after the divorce. The only way around this is to obtain a release from the other spouse.

Proactively deal with your student loans

If you have student loans and are getting divorced, it may make sense to take steps to limit their impact. You can consolidate your student loans since interest rates are lower, and this would lower your monthly payments. You could also reach out to your lender to get forbearance if your financial situation is keeping you from repaying your loans in full.

Student loan debts may affect how the property is divided in the divorce agreement. If you have a high debt level, it may mean that you request more of the marital estate. A divorce attorney may help you negotiate the agreement. If you have co-signed on your spouse’s loans, your attorney may help you use the agreement to protect you from having to pay back their debt. Student loans are a common issue that an attorney may help you address.

Share This