A recent study has found that 13% of divorced people with student loan debt cite this debt as the cause of their divorce. Traditionally, financial concerns have been a common reason for the dissolution of a marriage, and it appears that student loan debt is a new aspect of this issue.
Student loan debt acquired by either spouse may present complex considerations in your divorce case. It is advisable that an attorney review your case to make sure that these and other debts are handled properly during your divorce proceedings.
Student Loan Debt Reaches New Highs
While not as commonplace in older generations, student loan debt has been increasing in recent years. Both the number of borrowers and the amount borrowed have significantly grown. More than 44 million people in the United States have student loan debt, and it is estimated that the total amount of this debt is $1.5 trillion. Those graduating college in 2017 left school with an average of $39,400 in student loan debt.
This amount of debt is can weigh on a marriage. It also affects one’s ability to secure a home loan and can cause couples to put off having children. One study reported that 46% of respondents postponed starting a family because of school-related debt. The study also revealed that about 25% of respondents hid student loan debt from their partner.
Contact a Kane County Divorce Attorney
One spouse’s student loans may or may not be part of the property acquired by a couple during their marriage. It is possible that each spouse will be responsible for the student loans in their own name. However, it is important to work with an attorney to determine how student loan debt should be divided in your case based on the facts of your marriage and the circumstances of your student loans.
Divorces can be caused by any number of reasons, and these reasons can have a direct bearing on your divorce proceedings. For example, if money played a driving force in the decision-making process to get divorced, you will want to make sure that marital property is lawfully and equitably divided. Also, spousal support may be an issue that needs to be resolved.
Hiring an experienced attorney to look out for your best interests will make the divorce process less stressful for you. A family law attorney can also provide you with a realistic set of expectations early in the process, helping you move on from this difficult chapter in your life as quickly as possible. Our trustworthy West Dundee divorce lawyers can be reached at 847-428-7725. For potential clients, we offer free consultations.