Tag Archives: wheaton divorce lawyer

How Is Student Loan Debt Handled During Divorce?

DuPage County debt division attorneyIn 2017, the average student loan debt for graduates was over $37,000, which would amount to more than $45,000 when paid over 10 years with an average interest rate. This is a considerable amount of money. Graduate degrees are even more costly; the average student with a graduate degree has over $84,000 in debt, while the average medical school student has an astounding sum of $246,000 of debt. Many spouses may wonder what happens to this debt during divorce. This is a good question, because these debts can have a profound impact on a person’s life after finalizing the divorce process.

When the Loans Were Taken Out Before Marriage

If a student loan was procured before a couple was married, it will not be classified as marital property. Only marital property is divided during divorce. Non-marital property, such as bank accounts, real estate property, and debt, which was acquired before marriage remains the property and responsibility of that individual spouse. This means that if your wife took out $100,000 in law school loans before you were married, that debt will not become your responsibility after divorce.

Student Debt Acquired During Marriage

Everything changes when student loans are acquired during a marriage. However, simply because the debt is considered marital property does not mean that both spouses will be responsible for the debt. Many factors are taken into account when determining how to divide student debt, such as the following questions:

  • Which spouse profited from the education?

  • Did the non-debtor contribute to paying for the education or provide assistance in other ways, such as taking care of children while the debtor went to school?

  • How were the loans used? For example, did they cover housing as well as class fees?

  • What is the earning capacity of each spouse?

The spouse who went to school may end up being responsible for paying for all of their student loan debt after divorce based on how the above questions are answered. Depending on the circumstances and the decisions made during the divorce process, the other spouse may end up being responsible for paying off the debt as well.

A Wheaton Debt Division Attorney Can Help With Your Divorce

Distributing student loan debt during divorce can be exceedingly complicated. To ensure that your best interests are put at the forefront, you need an experienced DuPage County divorce attorney on your side. Call the Andrew Cores Family Law Group today at 630-871-1002 to schedule a free consultation.

Sources:

https://www.debt.org/students/

https://www.credible.com/blog/statistics/average-grad-school-debt-statistics/

https://www.cnbc.com/2019/05/20/how-much-the-average-student-loan-borrower-owes-when-they-graduate.html

 

Negotiating to Keep Your Home After a Divorce

home, DuPage County divorce lawyerOne of the biggest struggles for many divorcing couples is determining which party, if either, will get to keep the marital home and how the finances can be arranged to make it happen. When you and your spouse share a mortgage on a home, ending one party’s responsibility is not usually as simple as taking his or her name off of the note. If you are intending to keep the home, transferring the mortgage into your name alone is a process that may take months or even years, and preparation is absolutely vital.

Review the Feasibility

Before jumping in, you need to take an in-depth look at what your post-divorce financial situation will look like. If you are like most people going through a divorce, it is important to keep in mind that you will be required to support yourself—with or without some help from spousal maintenance—on a single income. You will want to make sure that you cannot only afford the mortgage payments but also all of the expenses associated with owning a home as well, including taxes, utilities, repairs, insurance, and more.

Moving Forward Alone

Once you have determined that keeping the home is, in fact, realistic, and your spouse has agreed to the decision, you will probably need to provide some sort of compensation to your spouse to offset his or her portion of the value of the home. You may choose to draw directly from the equity in the home or offer some other asset or property of value to do so. Either way, you will most likely need to take out a new mortgage on the home, listing you as the sole borrower. Your spouse will probably be strongly supportive of this idea so that he or she cannot be held liable for any possible future defaults.

Potential Complications

Depending upon your specific economic circumstances, it may take some time to get the mortgage fully into your name. Cashing out equity, for example, may raise the mortgage to a level that you cannot currently afford, so you may need to increase your income. You will want to begin your efforts as quickly as you can, starting as soon as you realize that divorce is imminent and that you are intending to keep the home. It is possible to work an agreed-upon timeframe into the terms of your divorce settlement, but both of you will want to keep that period as short as possible for the sake of financial security.

If you have questions about ways to keep your marital home in divorce, contact the experienced DuPage County family law attorneys at Andrew Cores Family Law Group. We offer a free, no-obligation consultation in which you can discuss your case, ask questions, and get the answers you need to make informed, responsible decisions. Call 630-871-1002 today to schedule an appointment and put our knowledgeable team to work for you.

 

Sources:

http://www.nytimes.com/2015/11/01/realestate/divorce-and-the-shared-mortgage.html

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000

Could a Divorce Actually Make You Happier?

divorce, Wheaton divorce lawyersYou did not get married in the hope or intention that, one day, you would get divorced. If you and your spouse are like most people, you almost certainly walked down the aisle with fantasies of a happy life together, no matter what obstacles life put in your way. The reality, however, is that the “happily ever after” ending is not always possible for a given couple—at least not together. Fortunately, it may be possible for you to re-establish yourself in the wake of your divorced and to find the happiness you never dreamed possible, especially as you struggled through an unhappy or unhealthy marriage.

Free to Be You

When you entered into your marriage, you likely gave up some of yourself. Many spouses sacrifice party of their identity in order to forge a new one as a couple. Investing in the marriage is not always a bad thing, but when the relationship goes south, it can make you feel like you lost a part of yourself. During and after you divorced, take some time to discover who you are now, who you wish to be in the future, and how you might get there. Give yourself the liberty to look into new hobbies and ideas—maybe even career choices. It is no longer important what your spouse thinks or wants. This time is about you. Regaining a sense of yourself can help you acclimate to your post-divorce life.

Avoid Making the Same Mistakes

No matter what you might think, your marriage was not a waste. Looking back, it may not have been the best choice for you, but you cannot take it back now. Your life experiences help define who you are, and how you handle mistakes will shape your character. Give some serious thought to your marriage, and make it a point to identify the good things that happened. You should also recognize the less-than-great things that you wish to avoid in the future. Your marriage and divorce can be tools that allow you to become a stronger you in the future.

Remain Optimistic

A positive attitude is contagious. If you intentionally surround yourself with those who will support you and help you focus on being happy, there is a good chance that you will start feeling better quickly. Doing so can also help you see your divorce as a new beginning instead of as the end of something. Do not dwell on the bad things that drove you and your spouse apart. Instead, celebrate and embrace your opportunity to start over.

One of the most important things to keep in mind during a divorce is that you are not alone. Friends and family can offer loving support, and an experienced DuPage County divorce lawyer can offer legal advice. Call 630-871-1002 for a free consultation at Andrew Cores Family Law Group today. We are ready to provide the skilled assistance you need.

 

Source:

http://www.chicagotribune.com/lifestyles/sc-fam-0113-life-after-divorce-20150106-story.html