Lots of New Jersey residents have student loan debt, and many struggle to get those loans paid off. For some same-sex couples, student loan debt can even factor into divorce timing and expense. Understanding how to avoid that outcome is an important part of moving beyond a same-sex divorce and toward a happier, more financially stable future.
According to a recent survey, couples with student loan debt spent more on their divorce than those without the same financial burdens. In fact, 13 percent of survey participants even went so far as to blame their student loan debt for the demise of their marriage. On average, divorces that included student loans cost around $2,000 more than those where student loans were not present.
While it’s unlikely that student loans would be the sole issue within a marriage, it isn’t surprising that financial matters can weaken a relationship. Social science has long held that money trouble is a leading cause of marital strife. When it comes to negotiating a divorce, dividing debt is a primary focus, and student loan debt is discussed during that process. There are cases in which the division of student loan debt is not a matter of simply turning it over to the individual who took out the loans.
For those in New Jersey who are considering same-sex divorce, understanding the full scope of financial ramifications is important. It’s also a task best accomplished well in advance of filing, giving spouses the opportunity to make changes or plans that align with their long-term financial goals. The best place to begin is with a consultation with a skilled family law attorney, and perhaps a financial advisor.