A new report claims that it can cost you $2,000 more to get a divorce if you have student loans in your name. It seems as though having student loan debt is becoming a big reason for couples to get divorced these days. Now, add on the notion that it can lead to higher divorce costs,and student loan debt is really taking a toll on some people living in New York.
A study from Student Loan Hero has found that people who have gotten divorced and had student loan debt were spending $2,000 more that people who got divorced and didn’t have student loan debt.
The same study discovered that 35 percent of respondents with student loan debt said that they delayed filing for divorce because of their debt, which made it more difficult to afford the divorce. At the same time, 58 percent of the respondents took on more debt to their name in order to get divorced.
The longer a couple delays getting a divorce the higher the amount of debt to divide between the two of them may become. Many of these cases might have been caused by one spouse hiding their student loan debt from the other, which would lead to a ton of trust issues between the two.
Student loan debt is a serious problem for millions of people. Many are still paying off their student loans decades after graduating from college. That same debt is now negatively impacting their personal lives and leading to divorce. Make sure you are prepared ahead of time if you wish to file for divorce, so that there are no surprises.