Student loans . . .

[YesSiam]

What is the name of your state (only U.S. law)? Washington

My husband and I are attempting to come to a joint agreement without laywers, and my question is about who is typically responsible for paying student loans in Washington state. Both he and I have significant balances - mine were taken out just prior to our marriage (we married during my first year on the job out of college), and I subsequently supported him while he earned his degree. Are my student loans separate rather than marital property because they were taken out prior to our marriage - even though he has benefited from my earning potential from my degree throughout the entire course of our 10-year marriage?

 

[mistoffolees]

What is the name of your state (only U.S. law)? Washington

My husband and I are attempting to come to a joint agreement without laywers, and my question is about who is typically responsible for paying student loans in Washington state. Both he and I have significant balances - mine were taken out just prior to our marriage (we married during my first year on the job out of college), and I subsequently supported him while he earned his degree. Are my student loans separate rather than marital property because they were taken out prior to our marriage - even though he has benefited from my earning potential from my degree throughout the entire course of our 10-year marriage?

After you separate, who gets the benefit of your education? Obviously, you do, not him.

You should each be responsible for your own loans.

 

[LdiJ]

After you separate, who gets the benefit of your education? Obviously, you do, not him.

You should each be responsible for your own loans.

Agreed...student loans are not marital debt.

 

[Ohiogal]

Agreed...student loans are not marital debt.

Actually not completely correct. Student loans USED TO PAY FOR SCHOOLING are not marital debt. If any of the money was refunded to the person who took out the student loans and they used it on anything that benefited the marriage then THAT portion is marital debt. In other words if one took out 10k a year but school was 7k and they were refunded 3k -- that 3k is considered marital debt.

 

[LdiJ]

Actually not completely correct. Student loans USED TO PAY FOR SCHOOLING are not marital debt. If any of the money was refunded to the person who took out the student loans and they used it on anything that benefited the marriage then THAT portion is marital debt. In other words if one took out 10k a year but school was 7k and they were refunded 3k -- that 3k is considered marital debt.

True...although I would use the term "disbursed" rather than "refunded". It tends not to occur to me that married people would use student loans for living expenses. However I am sure that some do.

Some of the money disbursed however might be used for books or other expenses of schooling that are not paid directly to the college or university. Someone might get 1500.00 disbursed for a semester but their books might cost 750.00.

 

[Ohiogal]

True...although I would use the term "disbursed" rather than "refunded". It tends not to occur to me that married people would use student loans for living expenses. However I am sure that some do.

Some of the money disbursed however might be used for books or other expenses of schooling that are not paid directly to the college or university. Someone might get 1500.00 disbursed for a semester but their books might cost 750.00.

Agreed but then the books are marital property. Disbursed works for the term. The point is SOME of the student loans may very well be marital debt.

 

[LdiJ]

Agreed but then the books are marital property. Disbursed works for the term. The point is SOME of the student loans may very well be marital debt.

Out of curiosity, were many of your law school books worth much after you used them? My graduate school accounting books tended to be a bit worthless after use because the law (particularly with taxation) tends to change so rapidly. I am just curious if you had the same problem? It used to irriate the heck out of me.

 

[Ohiogal]

Out of curiosity, were many of your law school books worth much after you used them? My graduate school accounting books tended to be a bit worthless after use because the law (particularly with taxation) tends to change so rapidly. I am just curious if you had the same problem? It used to irriate the heck out of me.

Not when I sold them back. I would pay $175 for a book and get maybe $30 back if I was lucky.

 

[LdiJ]

Not when I sold them back. I would pay $175 for a book and get maybe $30 back if I was lucky.

I had one professor who was so embarrised by the cost of the book he wrote (250.00) that he offered a free book to anyone who would update a chapter for the next "edition". I took him up on it!

 

[ouyang]

I had one professor who was so embarrised by the cost of the book he wrote (250.00) that he offered a free book to anyone who would update a chapter for the next "edition". I took him up on it!

Haha, you got used!

He'd have to pay a pro a lot more than the cost of one of his free copies to update a chapter (I work in publishing).

Clever prof.

 

[LdiJ]

Haha, you got used!

He'd have to pay a pro a lot more than the cost of one of his free copies to update a chapter (I work in publishing).

Clever prof.

Maybe I did...LOL..but it only took me about 10 hours to update the chapter, and it was worth it to me.

 

[Ohiogal]

Maybe I did...LOL..but it only took me about 10 hours to update the chapter, and it was worth it to me.

At $25.00 an hour? Not a bad wage at all.

 

[mmmagique]

I always quickly resold mine on Amazon, and got a lot more than the student bookstore would offer.

 

[VeronicaLodge]

After you separate, who gets the benefit of your education? Obviously, you do, not him.

You should each be responsible for your own loans.

I have a question based on this response and I apologize for threadjacking.

so if someone took out school loans prior to marriage to become a doctor or lawyer and then divorced and had to pay alimony because of their much higher income, then they could expect that the other person might have to pay some of the school loan back since they ARE benefiting form the income that comes from the education that was paid for by the loan?

 

[Ohiogal]

I have a question based on this response and I apologize for threadjacking.

so if someone took out school loans prior to marriage to become a doctor or lawyer and then divorced and had to pay alimony because of their much higher income, then they could expect that the other person might have to pay some of the school loan back since they ARE benefiting form the income that comes from the education that was paid for by the loan?

They could ask. If alimony is awarded due to the higher income based on the education then the person paying alimony could ask that the school loans be considered marital debt.