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When student loan debt results in divorce

Money problems often lead couples to divorce in Connecticut. In particular, student loan debt is stressful for younger couples. According to Student Loan Hero, roughly 33% of debtors said their divorce happened because of money disagreements, and student loans were responsible in one out of eight cases.

The size of student loans has skyrocketed in the last decade. Three times more people have more than $50,000 in student loan debt compared to 10 years ago. Over the same time, the average balance has risen more than 60% to over $34,000. A couple saddled with these types of debts may be unable to purchase a home or pay for a wedding.

It is important for people to be straightforward with one another about their debts in a relationship. They should also have a plan in place to pay off those debts. Furthermore, couples going into a marriage where one or both of them has debt may want to consider a prenuptial agreement. Some partners may hesitate to use a prenup because they think it suggests they will get a divorce. However, a prenup can help prevent significant conflict in divorce and protect both spouses.

Even if a couple does not have a prenuptial agreement, they may still be able to negotiate an amicable agreement instead of going to litigation. However, exes should be aware that if debt is in their name, they may still be pursued for it by creditors regardless of what is in the divorce agreement. It is possible to go to court to try to compel an ex-spouse who is not abiding by the divorce agreement to pay, but a better solution may be to get the debt balance in the name of the ex responsible for paying it off.

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Law Office of Robert A. Skovgaard
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Stamford, CT 06905

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