QUESTION
Student loan and divorced after
Asked on Oct 15th, 2013 on Debtor and Creditor - California
More details to this question:
I helped my wife to get a loan when we were married back in 2005 and we got divorced in 2006, I co-singed for the loan. She graduated from school and she hasn't been making any payment whatsoever. My question is if i can transfer the loan/responsibility to just to her without refinancing or getting another loan to pay off the current student loan. By the way the amount we owe right now it over $100,000 dollars. A lady told me that I can go to the company who gave us the loan and I can just transfer the responsibility to my ex-wife.
1 ANSWER
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Usually the loan company will not release you from liability for the loan. However, a student loan debt is generally assigned to the spouse who received the education (Family Code section 2641). Check your divorce judgment and see what it says regarding the student loan liability. You can try to have the loan company take you off if it states in the judgment she is liable for the debt but its still doubtful they will.
On the other hand, if she is not making the payments and the loan company is coming after you or its affecting your credit, (assuming she was assigned the debt in the divorce judgment) you can file a motion to enforce it.
Answered on Nov 13th, 2013 at 12:15 PM