Is Student Loan Money Considered A Marital Asset?

marital assetQuestion:

My wife and I are divorcing and she is coming after me for everything she can get.

She had a temporary order entered so she has custody of our children the majority of the time. She is also trying to get as much money from me as possible.

I am a college student and live off of student loan money and income from a part-time job. During the division of marital assets can she take half of the $5,000 of my student loan money?

Milien_Christina
Illinois divorce attorney Christina Milien

Answer:

I do not practice law in your state. Therefore, I cannot inform you as to the specific laws of that state and can only provide you with general tips on divorce and family law.

Generally, money received as a result of a loan is not considered income for the purposes of property division in a dissolution proceeding. Furthermore, if I were your attorney, I would be asking for her to be liable for the repayment of the student loans since the debt was incurred during the marriage.

As for the temporary orders entered, they are only temporary. Do not give up fighting for joint (or sole) custody and a 50/50 visitation schedule just because of the temporary schedule.

It is in the child’s best interests to see BOTH of her parents as much as possible.

Do make sure you pay the temporary child support obligation in the meantime, however, as sometimes this can be held against you in setting visitation (even though that should not be the case).

To arrange an initial consultation to discuss divorce rights for men with a Cordell & Cordell attorney, including Illinois divorce lawyer Christina Milien, contact Cordell & Cordell.

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Shawn Garrison is an Online Editor for Lexicon, focusing on subjects related to the legal services of customers, Cordell & Cordell and Cordell & Cordell UK. He has written countless pieces dealing with the unique child custody and divorce issues that men and fathers face. Through his work on CordellCordell.com, CordellCordell.co.uk, and DadsDivorce.com, Mr. Garrison has become an authority on the complexities of the legal experience and was a content creator for the YouTube series “Dad’s Divorce Live” and additional videos on both the Dad’s Divorce and Cordell & Cordell YouTube channels. Mr. Garrison has managed the sites of these customers, and fostered the creation of several of their features, including the Cordell & Cordell attorney and office pages, the Dad’s Divorce Newsletter, and the Cordell & Cordell newsletter.

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