For couples in Colorado and across the nation, there are many catalysts to a divorce. One of the most prominent is finances. Some of these issues start early in the marriage and take time to manifest themselves. While it might not be labeled a "college divorce" if the financial problems begin due to college-related debt, it can still be an issue later when matters come to a head and the couple decides to part ways. Recent information has come to light as to how extensive the problem of student debt is when it comes to divorce.
In the study by Student Loan Hero, a major factor in relationship stress is financial with student debt being a growing part of that. The research says that greater than one-third of those who have borrowed cited student debt as a problematic factor that can damage a marriage. 13 percent of those who divorced stated that the relationship's demise was because of student debt. More than 800 people who were already divorced took part in the study.
Since the student debt crisis is worsening by the day and it is estimated to be around $1.5 trillion in the U.S., an increasing number of people are victimized by it and its aftermath. On average, the student debt is more than $34,000. That is an increase of 62 percent in the last 10 years. The number of people who owe more than $50,000 has multiplied by three in the last 10 years. For people who get married when facing this kind of debt, there will be an immediate level of concern as to how they are going to fund their life together. This can lead to friction and, ultimately, a decision to part ways.
For couples who are experiencing financial turmoil and are thinking about a divorce due to that and other reasons, legal assistance as to how to handle the situation is critical. Perhaps the relationship can be saved and simply talking about it with a divorce attorney can open the door to mediation alternatives and other options to save the marriage. In other instances, the finances are just part of the problem and divorce is preferable for both parties. A law firm that is experienced in divorce can help with a case and should be consulted with before taking that next step.