According to a Student Loan Hero survey, 13 percent of respondents specifically cited student loan debt as the reason for their divorce. Data from Student Loan Hero also indicates that 39 percent of millennials cited debt as a significant source of stress in their lives. They said that student debt has stopped them from buying homes or taking vacations. Another study found that 43 percent of respondents said that they argued with their spouse over money regularly.
Interestingly, getting a divorce can add to the debt that a person already faces. On average, a divorce can cost up to $19,200 when lawyer fees, court costs and other related expenses are factored in. Those who don’t have student loans will usually pay about $2,000 less on a divorce than those who do have student debt.
An individual who is repaying loans taken out to get a college education owes an average of $34,144. However, a person who graduated from college in 2017 has an average student loan debt of $39,400. Overall, the average student loan debt has grown 62 percent in the previous decade. The number of people who owe more than $50,000 in college loans has also increased over the past 10 years.
The end of a marriage may be an emotional time no matter why it didn’t work out. Consulting with an attorney may make it easier to get a favorable divorce settlement. This might mean obtaining a larger share of marital property, obtaining spousal support or not having to pay debt that was acquired during the marriage. Individuals may settle a divorce in private talks, mediation or through litigation. An attorney may represent an individual’s interests throughout a divorce case.
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