Student loans can lead to divorce

Student loans can lead to divorce

On Behalf of | Nov 21, 2018 | Divorce, Firm News |

No matter how much a Wyoming couple wants to see their marriage succeed, there are factors that sometimes can cause even the most in-love couples to have to part ways. There are a thousand different issues that can cause a couple to get divorced, including adultery, gambling problems or abuse, just to name a few. There is one cause of divorce that many haven’t considered, and it is beginning to have a real impact: student loans.

When a student is choosing a college, cost is often not a top consideration. In reality, even the most budget-friendly colleges still render a significant bill over the years that a student attends. Studies show that students currently graduate with an average of almost $40,000 of student loan debt. That amount can cause a significant amount of strain on a new marriage. It can cause the couple to have to delay applying for a home loan or starting a family.

Many couples choose to delay marriage until they are financially secure. They may choose to wait until they have their student loan debt paid off so that it doesn’t have a negative impact on their relationship. For those who choose to go ahead and say their vows first, many utilize a prenuptial agreement to clarify which partner is responsible for the debt both during the marriage and in the event of divorce. The most important thing is for both partners to be open and honest about their debt so that the couple can work together to design a budget and a plan to pay off the loans that both can be happy with n order to minimize stress on the relationship.

According to reports, a startling 13 percent of divorcees with student loans blame those loans for their divorce. Whether those loans were the central cause of the divorce or just a secondary contributor, the fact that they added stress to a relationship is indisputable. When a marriage gets to the point where divorce is imminent, the best course of action is to hire an experienced Wyoming divorce attorney that can work with a client to help negotiate a settlement that is as amicable as possible. With the right approach and positive attitudes, although the marriage is over, a wonderful friendship can still remain.