My wife and I are getting divorced. She took out a loan so she could go back to school, get a job and contribute to the mortgage payments on our Sherborn home. She hasn’t finished the program so technically the “community” hasn’t benefited from her going to school. Will I be liable for half of the loan?
All liabilities, including school loans, will be either be divided or assigned to one party. The court considers a number of factors including the nature of the loan (i.e. whether it was a joint loan, or a loan used for joint or individual expenses). You will not necessarily be responsible for half of the loan.
Our Sherborn Divorce Lawyers at HKWG assist divorcing couples divide assets and liabilities in Sherborn Massachusetts and in the neighboring communities including: Ashland, Framingham, Holliston, Hopkinton, Sherborn, and Southborough.