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Educational debt factor in divorces

On Behalf of | Aug 7, 2018 | Divorce

While finances are often a source of tension in marriages, Maryland couples might be surprised to learn that college loans have been identified by some people as the reason their marriages failed. As the costs of college continue to rise, it seems that the consequences resulting from the loans taken to pay for higher education are also rising.

In a study by website Study Loan Hero, 13 percent of responders blamed college loans specifically as the reason their marriage failed. Over a third of all responders said college loans and other financial matters were the reason for their divorce. College loans do have a significant weight on relationship matters as the average educational debt is around $34,144. Students who graduated in 2017 had an average debt of $39,400. Additionally, students owing $50,000 or more tripled over the last decade. Millennials seem to be the ones most affected by these changes since only 50 percent seem on track to eventually earn more than their parents.

Educational debt seems to also play a role in how much divorces cost individuals. While divorce costs can range from $12,500 to $19,200 when including lawyer fees, court fees, appraisals and custody assessments, residents who are getting divorced and have student loan debt can actually pay about $2,000 more than those who do not have debt. Often, this means that residents who are saddled with debt have to incur more debt to pay for their divorce.

Residents who have decided that divorce is the right path for them might seek a consultation with a lawyer who has experience in family law. A lawyer may explain how the process works and give advice on the decisions that need to be made during negotiations to plan for life post-divorce. A lawyer may also represent their client during negotiations and court appearances.

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