Student Loans are Spelling Divorce
It’s not all situations, but financial ruin is easily one of the top reasons for divorce. With the number of student loans higher than in previous years, it is more and more a contribution to longterm financial issues.
Ben Luthi of Student Loan Hero reports on the very issue of the rising student loan.
According to the study, “Thirteen percent of respondents who had student loan debt going into their marriage claim that it eventually led to the end of their marriage.” On top of that, 35% of the respondents delayed the divorce proceedings because they couldn’t afford it.
Louisiana is a community property state, which means that if somebody applies for the student loan debt while married, that debt is split in half amongst the couple while divorced. The court could enforce this and demand that the student loan debt be split.
It’s easy to get engulfed in the stress and the cost of a divorce situation that also involves student loan debt. Delaying a divorce proceeding could add even more financial costs so, in many ways, a prenuptial agreement in advance could help alleviate some of the problems initially.
There’s a chance that you’re past the prenuptial agreement window, but not all hope is lost. Student loan debt and other costs associated with divorce can be dealt with safely. We encourage you to call or email us. Taylor Fontenot, our trusted divorce law attorney, will work hard to make sure the settlement is fair to you.