Marriage is a job within itself without the added worry about new careers and finances. Young married couples today face new money problems that were not as widespread in previous generations. Recent surveys of divorced millennials cite student loan balances as a common cause for many of their marriages ending. In Georgia and elsewhere, high student loan debt is a financial stressor for many couples and is said to be a contributing factor in many a divorce.
Student Loan Hero reports that 13 percent of borrowers going through divorce proceedings fault their student loan debt. Reports show that more than 44 million Americans are repaying loans that total $1.5 trillion nationally. In the past decade, there has been a steady increase in the number of student loans and amounts borrowed have increased. Graduates who were surveyed from the Class of 2017 have, on average, nearly $40,000 in debt when they leave college.
The burden of repaying student loans resulted in 46 percent of married respondents delaying significant events and purchases like starting a family and buying a home. Many are uncomfortable taking on a mortgage while still buried under student loan debt. The study also reported that 25 percent of respondents failed to inform their partners about student loans, while others lied about money overall.
The breakup of a marriage at any time is difficult, and it can be intensified by outstanding debt. While unpleasant for all parties involved, those in Georgia with concerns about student loan debt and who are considering divorce may benefit from the advice and guidance of a family law attorney. A lawyer can help determine which approach will be in the best interest of his or her client.
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