Student Loans and Divorce: Why Debt is Destroying Millennial Marriages
Getting married and starting a life together is something many couples look forward to. But if you are a millennial carrying burdensome student loan debt, marriage can quickly turn sour. Here’s everything thing you need to know about debt and divorce: why student loans are destroying millennial marriages.
The Realities of Student Debt and Marriage
According to a study of student loan borrowers between the ages of 18 and 29, conducted by the lending website Bankrate.com, 45 percent of those questioned stated that they had put off major life events, such as marriage, because of the burden of student loans. This is a shockingly high rate of people who feel they cannot experience life the same way as their parents.
According to Stephanie Coontz, a historian and expert on the history of marriage, today’s young people have a much different outlook on love and matrimony than those who came before them. Coontz told Marketwatch, that before the turbulent economics of modern times, most young people had a much more straightforward outlook on life.
“There wasn’t a sense that, OK, you have to have all your ducks in a row before you get married,” she states. In the past, men could aspire to earn more than their parents and their grandparents. However, thanks to the Great Recession, many today are facing the prospects of being worse off than their parents. “It’s still central to people’s conception of marriage that the spouses have a stable source or two of income,” says Andrew Cherlin, a professor of public policy and sociology at Johns Hopkins University.
Divorce and Student Debt
Not only is student loan debt affecting when people get married, but it is also proving to be a crushing burden on those already wed. Finances, in general, are one of the leading stressors in relationships and marriage. According to research conducted by SunTrust Bank, student loan debt, in particular, can take a particularly hard toll on marriages.
According to the research, more than one-third of student loan borrowers stated that their college loans, as well as other financial factors, were the leading causes for their divorce. Other studies report that a whopping 13 percent of divorcees blame student loans specifically for the break up of their marriage.
Student loan debt, which now stands at roughly $1.5 trillion has had a myriad of adverse effects on all aspects of life. The debt, which was accumulated to help students afford college costs, is quickly becoming a burden. And unfortunately, happy marriages are one of the biggest sufferers.
If you are considering marrying someone burdened with student loan debt, you should consider a prenuptial agreement. Prenups are a great way to ensure that you protected from any liability concerning your partner’s debt. Furthermore, a prenup can state that any financial assistance you provide to help pay off the debt will be reimbursed in the event of a divorce.
Contact an Experienced New York Divorce Attorney Today
Divorce is never an easy decision. This rings especially true if the burden of student loan debt is the cause for divorce. If this unfortunate event happens, an experienced divorce attorney can help you reach a fast and beneficial settlement.
While filing for divorce can be a difficult decision, choosing the right attorney doesn’t have to be. Brian D. Perskin & Associates P.C. is one of the most trusted names in New York when it comes to divorce. Brian and his experienced team are aggressive, intelligent and strategic. They work diligently with clients and customize representation strategies to fit individual needs. So if you’re looking for a divorce attorney who will fight for you, call Brian D. Perskin & Associates P.C. today at 718-875-7584.