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Student loans can lead to a divorce

On Behalf of | Aug 7, 2018 | Divorce

People who graduated from college in 2017 did so with an average student loan debt of $39,400. Overall, someone who has a student loan debt has an average balance of $34,144, which is a 62 percent increase in the past decade. This debt load can have a significant impact on the success of a California marriage. According to a study from Student Loan Hero, more one in three who took part said that college debt had an impact on their marriage.

Furthermore, 13 percent cited their student loan debt as the reason why their marriages failed. In some cases, those with student loans don’t tell their partners about them. A survey of more than 1,000 borrowers found that 24 percent didn’t inform their spouses about it. Another 18 percent said that it was alright to lie about financial matters while 43 percent of respondents reported having frequent arguments about money.

For those who have college loans, getting a divorce results in more debt to deal with. Ending a marriage can cost anywhere from $12,500 to $19,200 on average after accounting for legal fees, custody assessments and other court costs. Those who have student debt pay about $2,000 more on average to get divorced compared to people who don’t have any such loans to repay.

The emotions such as stress and anxiety that come with having significant student loan debt may make it harder for a marriage to succeed. Emotions may also play a role in how people choose to settle a divorce, which may lead to poor decisions that can result in a case taking months or years to resolve. Working with an attorney may help an individual stick to the facts in the case, which may result in a timely and fair settlement.