PHOENIX — A new study by Student Loan Hero shows that 13 percent or one in eight of all divorces, are caused specifically by student loan debt.
It’s a growing problem as the outstanding student loan debt now stands at a record $1.5 trillion across the U.S.
“It’s massive. It’s not like a mortgage on a house which you both can enjoy. This is something you already did years ago and there’s no enjoyment for the other spouse who has to pay off your student loan debt," said David Michael Cantor of the Cantor Law Group.
According to Experian, the average student loan balance is $34,144, which is up 62 percent over the last decade.
“If they have unequal debt, it can cause stress because one party says, 'Why am I paying so much money to pay off your student debt?" said Cantor.
There are a few ways to avoid this stress down the road.
“Couples need to talk it out when they first get engaged: They should find out what debt each party has," said Cantor.
If you think the debt could cause an issue, you could always add protection.
“A prenuptial agreement, where you agree that if we get divorced, I get a credit for my half of your student loan debt that I paid, during the marriage," said Cantor.
If you group student loan debt into overall finances, it’s one of the leading causes of divorce.
“I would say higher than a third of all divorces are caused by financial stress," said Cantor.
Overall, statistics show that marriages are trending downwards, but if you are saying "I do" soon, take this advice from someone who witnesses a lot of divorces.
“Go into a marriage with eyes wide open, talk about all the problems, make sure nobody’s keeping a list of transgressions or feelings that they are holding in, let it all out and talk it all out," Cantor said. "I think it will save a lot of problems down the road."