On behalf of South Tampa Law Group posted in divorce on Wednesday, August 29, 2018.
Teenagers across Florida the rest of the United States usually all hear some version of the same story — if they want a good career, they need to go to college. Every year young adults take out more and more student loans to afford their college degrees, and although most realize it is a large sum to pay back, few realize how many facets of their life the debt might affect. Experts are now realizing that student loans can even lead to divorce.
A 2015 study found that financial problems are the biggest stress in any relationship. The Institute for Divorce Financial Analysts reports that money issues are one of the top three reasons people file for divorce. With around 44 million Americans holding $1.5 trillion in student loan debt, it may be easy to see why student loans are so problematic in marriage.
Even though a college degree might make it easier to get a specific job or on a certain career path, the debt it takes to get there puts down a few barriers. Building wealth or buying a home is much harder once you add student loans into the mix. These barriers are the reasons that student loans are so likely to play a role in divorce, and are especially problematic when one person has student loan debt and the other has none.
Having student loans is not a guarantee that a couple will decide to end things, but stress over those loans could be an indicator of an upcoming divorce. When money is already a problem, divorce can feel like one more impossible hurdle to get over. However, most Florida couples can minimize the financial impact of dividing their assets and debts by staying vigilant throughout the property division process.