If the average American were asked what the leading cause of relationship problems was in the United States, they’d likely admit that it has to do with financial discussions. What many likely wouldn’t know is what researchers at SunTrust Bank found out. They determined that one in eight marriages end over student loans.
Another recent poll conducted by the personal finance website Student Loan Hero suggests that as many as 33 percent of all married couples cite student debt and other monetary concerns as the reasons for the demise of their relationships. At least 13 percent cited student loans as the primary reason for their split.
Student loan debt now currently stands at $1.5 trillion, the highest that it’s ever been in this country. This means that the average American carries just under $35,000 in outstanding student loan debt. The credit reporting agency Experian notes that this represents an increase of more than 60 percent over 10 years ago.
Financial analysts warn that starting a marriage with such debt can greatly impact a couples’ ability to purchase a home, live a comfortable lifestyle or have kids. This often leaves couples seeking out prenuptial agreements. In cases in which they don’t, financial analysts say that they should.
As part of a prenuptial agreement, a husband or wife can keep from being held financially liable for the student loan debt that their spouse brings into the marriage. Also, they can have it written where any monies that they contribute to paying it off gets refunded to them if they split up on down the line.
Student loan or any other debt not included in a prenup is likely to become a marital liability that both of you will be left on the hook paying back long after the end of your marriage has been finalized. If you intend to fight against having to pay such debts, then you’ll want to have an experienced Fort Myers high asset divorce attorney working for you to safeguard your interests.