When you are married, you are truly together with the other person and there are many things that are affected by that intimacy. One of those things is financial responsibility. Even if you are similar to other American couples today who have separate bank accounts, you will both most likely contribute to the household finances..
Many people marry at a young age and some of those people marry while they are still in school. Because of the cost of universities and colleges today, students are often in a financial position where they must take out a student loan. That loan is their responsibility, but what happens if they marry before they have paid off the loan?
The responsibilities of the student loan during and after the marriage is over
Often, a married couple who have separate loans from before the marriage will decide to combine their loans so that they only need to make one monthly payment between the two of them. Often, there are low-interest loans that come with other advantages as well.
During the time when they decide to consolidate their loans, they may not think about anything other than the convenience of doing that. They probably do not think about what might happen if they are no longer together. They assume that the marriage will last indefinitely. However, divorce is a reality and with the statistics in the United States being so high, it is an all-too-common reality. In many cases, especially if the relationship is no longer amicable, the person who took out the original loan may default. In that case, an ex-spouse may be held responsible for the debt.
Sound advice from a family law attorney
If you are experiencing a divorce, you will probably want to consult with a Georgia family law attorney who can guide you so that your interests and your rights are protected. It is important to understand exactly how assets and debts should be divided in the divorce and advice from a lawyer with that particular expertise will help to ensure that the outcome will be positive for everyone involved.