As California residents know, the costs of a college education have risen steadily over time. Paying for that education often comes with steep loan amounts that keep rising. What might be surprising to know, however, is the threat that student loans can pose to marriage.
While woes due to finances can hurt relationships in general, 13 percent of divorced people blamed college loans specifically for ending their marriages in a study conducted by website Student Loan Hero, but up to a third of divorcees mentioned student loans as at least a factor in the end of their marriage. With average school debt balances at $34,144, and even higher at $39,400 for 2017 college graduates, student loan debt does not only impact people’s relationships but even their life plans in general. Millennials seem to be the hardest hit, with some commenting that student debt balances are preventing them from buying a house or taking vacation.
Attitudes about finances also seem to contribute to the impact school loans can have on a marriage. In a different survey of 1,000 school loan borrowers, 47 percent admitted to fighting with their partners about finances. 18 percent of respondents also said they believed it was alright to lie about their finances to their partners while 24 percent admitted to keeping their student loans a secret from their partners. However, when school loans and other issues with finances become such a problem that the only option is divorce, people often just add on more debt to pay for the divorce costs.
In situations where divorce becomes an option, residents can also consult with a family law lawyer. A lawyer can be an additional support when making decisions related to the process by explaining the marital property options available and providing advice during negotiations.