How do you separate a consolidated loan when divorcing?
Full Question:
Answer:
This is a matter that should be handled in a propertly settlement agreement or divorce judgment. There are many ways to address this in the agreement depending on other matters you have to resolve. One of you could agree to pay the full debt in exchange for other assets or payments by the other. You could agree that both of you will pay a certain portion. One could agree to pay off in full and the other make payments to that person. You could state in the agreement that if the person obligated to pay does not pay the other has the right to pay and seek reimbursement from the other. New loans could be taken out to pay off the school loans. There are other ways as well but these are a few considerations.