Financial concerns play a significant role in numerous divorces. While unemployment, housing costs, or credit card debt can take their toll, student loan debt is one of the most often cited sources of difficulty. Read on to learn more about the surprising connection between student loan debt and divorce.
Student Loan Debt And Divorce Rates: A Concerning Relationship Backed By Research
If you struggle to pay down your student loan debt, watch out — your financial issues may increase your risk of divorce. According to a Student Loan Hero survey of over 800 respondents, 13 percent of divorcees specifically pointed to student loan debt as the main factor in their split. Additionally, a third of respondents claimed that student loan debt at least contributed to their divorce, even if it wasn’t the primary cause.
Why Are Spouses With Debt More Likely to Divorce?
Financial struggles in general increase the likelihood of divorce, but there is something especially damaging about student loan debt. Unlike other forms of debt, it cannot be wiped out through bankruptcy. This pervasive debt can prevent couples from moving forward with plans such as purchasing a home, having children, or traveling.
Further financial issues can arise if one spouse enters marriage with significant debt while the other is relatively debt-free. The spouse who brought minimal debt to the marriage may experience resentment, particularly if they view their partner as financially irresponsible — or if they earn the bulk of the household income. These previously debt-free spouses may feel trapped due to the inherent difficulties of escaping their partner’s student loan debt.
Whether or not student loan debt has played a role in your marital problems, you owe it to yourself to work with an attorney who can guide you towards the most financially prudent divorce resolution possible. Contact the Brown Law Offices to learn more about debt and asset division in divorce.