As we discussed in an earlier post, money is one of the biggest causes of conflicts and stress in a marriage. In fact, financial conflict is one of the leading causes of divorce across the nation. What many people don’t expect, however, is the possibility that these financial issues could follow them long after the divorce proceedings have concluded.
College debt, the focus of this blog post, is an increasing concern for many divorcing couples in California. Given that on average, college graduates carry over $34,000 in debt these days, this comes as no surprise. This is just an average, too, as the number of people who owe well over $50,000 continues to spike.
As you walk into divorce proceedings, or prepare to enter a new marriage, it’s important that you take steps to shield yourself from an ex-spouse’s student loan debt burden. This post examines some way which you can protect yourself and avoid having to foot a costly bill that could haunt you for decades.
Protecting Yourself from the Ex’s Student Loans
For a long time, prenuptial agreements were considered a bit “taboo,” and only for those who had no intentions with sticking it out through the challenges that any long-term marriage is sure to face. However, the stigma has died out in recent years and these days, we see more and more couples opting to enact a prenuptial agreement before entering a marriage.
Many are simply looking to protect the assets they owned before the union, while others are simply opting for a more realistic and honest approach. Just as importantly, a prenuptial agreement leaves you off the hook for any student loans or other debts that your spouse might have racked up. Not only that, but if you plan on helping your partner with this debt, a prenuptial agreement could entitle you to get that money back in the event of a divorce.
Those who didn’t opt for a prenuptial agreement still have other options on the table! During divorce mediation, you and your soon-to-be ex can sit down and discuss how debt should be split, helping you avoid court intervention and further shielding you from debts that are not yours. Of course, you should always take proper precautions and ensure that you’re walking into mediation or other divorce proceedings with qualified legal counsel on your side.
Want to Learn More?
The burden of college debt continues to a pressing concerns for Americans everywhere. Worse yet, this type of non dischargeable debt could prove to be a long-term thorn on your side due to the way in which your divorce proceedings play out.
Protect yourself from this and other types of pressing issues, and always consult with a knowledgeable family law attorney before making any moves. If you want to learn more, know that you can contact us at R & S Law Group, LLP, where you schedule a free initial consultation with a skilled California divorce attorney.