A recent Student Loan Hero study in which 800 recently divorced adults were interviewed about the reasons that their marriages fell apart is quite revealing. At least 13 percent of them claimed that either theirs or their spouse’s student loan debt resulted in them heading to divorce court. Another 20 percent blamed the end of the marriage on some other financial issue.
Data published by the Consumer Financial Protection Bureau recently shows that the percentage of Americans that have amassed in excess of $50,000 in debt has increased by 300 percent in the past 10 years. The credit reporting agency Experian reports that the average American currently owes just shy of $35,000 in debt, an amount that marks as much as a 60 percent increase over what it was for consumers a decade ago.
It appears that student loans and debt in general may be leading many couples to reconsider whether they walk down the aisle too. Wise prospective husbands and wives have begun requesting that their future spouses sign prenuptial agreements before they marry. If they convince them to do this, whatever debts they have before they marry remain theirs alone.
For couples that weren’t keen on having each other sign a prenup before they wed, they tend to feel anchored down by their overwhelming debt. High student loans often cause couples to delay buying a home, cramp their lifestyle and force them to reconsider having kids.
As a couple prepares to divorce, one of the first things that they’ll be tasked with doing is listing what assets are debts are marital and non-marital ones. This is key to helping a judge or mediator equitably distribute your property in the end. Having a Kissimmee divorce attorney guide you through this process can ensure that this is done fairly.