How Your Spouse's Student Loans Affect You

Jack Richardson on 05 October 2018

Have you heard that millennials are putting off marriage?  If you have I bet you do not know one of the main reasons why!  And although there are many large distractions and problems to blame for this, from evolution of video games all the way to widespread accesibility to drugs, but one of the largest reasons why is actually because of how much debt they have from their student loans.  Combined with low-paying early jobs, people of this generation are not only scared off but cannot fiscally get married in the world today.  How can you justify throwing a wedding when you can barely make ends meet with student loan payments?


Even if pushing off marriage, couples all over the nation still must consider how your significant other will affect your loans.  


Not only are student loans preventing marriage from being undertaken but they are also playing a role in divorce.  When Divorces occur many times the debt is split amongst the two regardless of whose it is, if it is acquired while you are married. 


If the debt is already held prior to the relationship then who ever has debt left in their name is repsonisble for it themselves.  Regardless of how much the couple has dedicated to one persons over the other both are responsible for the loans in their name upon seperating.  


In many states equitable distribution is prevalent, where each spouse has a legal claim to a fair and equitable portion of any assets.  However, the student debt left is never fought over by couple in fact its the most offered up of all.  


Dividing student loans becomes much more difficult when they are obtained during the time of marriage.  Often the spouse with the student loans is not the one in the relationship making majority of the household income.  The debt is then divided by which state you live in and which spouse benefitted more from the student loans funds.


In some cases the spouse aiding the one in need of student loans is left resonsible for the student loans, either because the loans are in their name or because they are more financially capable than their spouse to pay off the loan. 


Student loans exist in marriages across the country and is something to be considered in relationships.

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