Many people in Florida are struggling with massive student loan debt. On average, people who have borrowed student loans owe an outstanding balance of $34,144. For graduates of the class of 2017, that number is even greater, with an average balance of $39,400. Student loan debt is on the rise, and the percentage of people who owe $50,000 or even more has tripled over the past 10 years. Only 22 percent of millennials are debt-free, and student loan debt plays a particularly large role in this debt burden.
Many millennials have postponed marriage due to educational debt, while for those who have chosen to marry, the pressure and stress created by outstanding debt can lead to serious conflicts and even divorce. Educational debt can lead people to delay life plans like having children or buying a home, and conflicts about these issues can expose deeper incompatibilities in a marriage. According to one survey of student loan borrowers, over a third of divorced respondents said that financial issues, including educational debt, played a role in their divorce. Another 13 percent attributed the end of their marriages directly to student loans.
Another survey found that 43 percent of student loan borrowers said that they regularly fight about money and financial issues with their partners, while 24 percent said they keep their student loan debt a secret. The combination of secrecy and stress about money problems can be deeply destructive to a relationship, especially a marriage.
One of the most common types of irreconcilable differences that leads to the end of a marriage is a disagreement about spending styles or how to handle money. When people have decided to divorce, a family law attorney may be able to provide strong representation and work to achieve a fair settlement on property division and other key matters.