Student loan debt is a significant financial issue for many people in Minnesota, one reason why it has become a major part of the national political debates. When people decide to divorce, they may face additional financial stress, especially as these effects of the end of a marriage may resonate long after the emotional matters have been handled. People struggling with loan debt may wonder how a divorce might affect their obligations to pay their student loans.
Student loans during a divorce: Separate or joint?
Co-parents who want low-stress do these things
When you signed divorce papers, you undoubtedly understood that your decision was going to disrupt your children's lives. However, you didn't let that worry you too much because you strongly believed that with lots of love and support, your kids would be okay. Now that you realize that you will be co-parenting on a long distance basis, you understandably want to make sure you and your ex create a solid plan.
Dealing with student loan debt during a divorce
Student loans are a major burden for many people in Minnesota, especially as the cost of attending university has gone up dramatically across the country. With student loans forming such a significant portion of many people's debt, they may wonder how their loans will be affected if they divorce. Property division can be a complex process, and the financial impact of a divorce can remain even after the practical and emotional issues of the split have been handled.
Planning for retirement after "gray divorce"
An increasing number of Americans in Minnesota and across the country are choosing to divorce at an older age. Often called "gray divorce," more people are divorcing over the age of 50 than at any time in the past. These divorces come with unique challenges, especially when they reflect the end of long marriages stretching over decades rather than shorter second or third marriages. In particular, people may be very concerned about how divorce will affect their retirement plans, given the limited amount of time remaining to compensate for the changes that can come with a financial divorce settlement.
Fewer Americans getting divorced
Most married couples in Minnesota expect their nuptials to last for life. However, there are situations when divorce is probably the best option. Curiously, while Americans are generally accepting of the necessity of divorce and supportive of divorced people, divorce rates have largely decreased over the past few years.
