There are many factors that can threaten the health of a relationship. However, financial issues are often the source of breakups in North Carolina. While many spouses focus on fixing incompatible spending habits, people forget that long-standing debt can also have a negative effect.
According to a survey conducted by Student Loan Hero, college loan debt is especially dangerous for relationships. Roughly one in eight borrowers in the study identified school loans as part of the reason for their divorce. With student loan debt growing, and with the average borrower carrying over $34,000 in school loans, addressing the debt early on can be crucial to the success of the relationship. Carrying so much debt may prevent couples from moving forward with their lives. This could make it difficult for borrowers to plan weddings or save for buying a house.
Addressing the issue of school loans should come even earlier than marriage. If partners want to give their relationship a healthy chance at success, it’s wise to be open about the amount and origin of their debt as well as any assets. Frank discussion about how to pay off the debt and how it will be dealt with in case of a divorce can all be steps toward a healthy relationship. One way to address this early on is by drafting a prenup that clearly establishes how personal vs. joint debt will be addressed.
A couple seeking to establish clear boundaries, plans and legal goals even before marriage might want to reach out to a family law attorney. The lawyer can help the couple draft a prenup and give advice about the process.