When Texans analyze their marriage and consider divorce, there are a list of factors that come to the forefront. That may include infidelity, unhappiness, a lack of compatibility and the prospect of a failing family unit. One issue that can create friction and lead to a marital breakdown is struggling financially. A recent survey assessed debt in the context of people deciding whether to get married and its potential impact on a divorce. For people who are facing these challenges, knowing the warning signs can be useful with being prepared to move forward with a divorce.
Marriage can be strained by substantial debt
A survey conducted by National Debt Relief spoke to 2,000 people to gauge their view of debt. In it, the researchers found that people were hesitating before getting married because of debt. It was also cited as a prominent justification for a divorce. Increasingly, people are not getting married or staying married because of personal or societal expectations. That has resulted in looking at circumstances more objectively and considering other concerns – like money – that in the past might have been accepted as part of the married life.
A primary reason this study was done is the debt problem impacting people across the nation. People have an average of more than $155,000 in outstanding debts. This is more than 6% higher than it was in January 2020. This can lead to people falling behind in their payments, seeing their credit scores reduced and hindering their plans. At the end of 2021, the bulk of debt was from mortgages – predominately accrued by couples. Student debt is also a worry with one in every eight Americans owing money for their education. Since younger people are deemed the most vulnerable to student debt, their marriages are relatively new and can be jeopardized because of it. Fifty-four percent of participants in the survey stated that debt can precipitate divorce.
When considering divorce for any reason, preparation is key
Researchers say this can damage people emotionally, financially and personally and permeate their relationships to the point where they decide it is better to part ways. Regardless of why a person is considering divorce, there is much to consider. If there is debt, it must be determined how it will be divided just as property is divided. When there are children, they can be caught in the middle. Support will come to the forefront. From the start, it is useful to have professional assistance to handle all obstacles that might arise.