Student loan debt can lead to divorce
RICHMOND, VA (WWBT/WXIX) - A new study finds student loan debt may not only sink your finances -- it could sink your marriage.
One of the biggest sources of stress in a marriage is money, but new research shows a specific kind of debt is particularly toxic.
A new study from Student Loan Hero finds one third of borrowers blamed disagreements over money for their divorce. And 1 in 8 specifically blamed student loan debt.
Of course, those debts tend to be big, with the average outstanding student loan balance now topping $34,000, up 62% over the last decade.
And the number of people with student loan debts over $50,000 has tripled in that same period.
Carrying that kind of debt can be very limiting, by making it impossible to also save for a home, or plan a wedding.
If you’re in a serious relationship and you carry student loan debt or your partner does, it’s time to get it all out on the table.
You need to talk about assets and debts, and figure out how those debts will be repaid.
One option: A prenup, which explains that any payments the other partner makes toward that debt will be credited back to them, in the event of a split.
While no one wants to think about the end of a marriage before it actually starts, remember that marriage is also a legal contract.
A prenup sets the terms for how assets and debts are handled.
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