Student loans are taking a toll on marriages in Missouri and around the country, according to a study by Student Loan Hero. The website reports that the average U.S. college loan balance is $34,144, while the average loan for 2017 college graduates was nearly $40,000. Apparently, the weight of this financial burden is breaking down marital bonds.
Posts tagged "Divorce"
If you look back over your life, you can probably think of many difficult decisions you have made that changed the course of your life. Perhaps you struggled to decide which college to attend, what to major in, where to apply for work and where to settle down and live. If you are like many, you labor over the small decisions - like what color to paint the living room - as well as the big questions - like whether to accept a marriage proposal and how many kids to have.
The unfortunate truth is that some marriages were never meant to be. When Missouri spouses come to this realization, divorce is generally the best solution. Most couples go into the divorce process hoping for a smooth transition. However, emotions often run high when issues such as child custody and property division come into play. That's why it's important to be prepared.
More millennial couples in Missouri may be getting prenuptial agreements than in the past, and it is part of an overall rise in prenups. However, attorneys say the increase in prenups among the 18-to-34 age group is a somewhat more recent phenomenon, and there are several reasons this may be the case.
When Missouri parents get divorced, they may end up with joint custody of the kids. For those who have this type of child custody arrangement, creating a parenting schedule can be important when it comes to a stable home life for the kids.
Missouri couples going through divorce may use the separation process as an opportunity to reconsider financial goals and, if necessary, set new ones. While divorce is an emotionally-charged process, it is important not to forget that it will change all aspects of life, including financial stability.
People in Missouri who choose to divorce could face economic effects that linger over the years, even long after the divorce was finalized. While many people who plan to divorce are well aware that the end of a marriage can be accompanied by difficult financial, emotional and practical changes, one study has pointed out that divorce can impact retirement readiness. In a study by the Center for Retirement Research at Boston College, researchers found that individuals who had been through a divorce were 7 percent more likely to face a risk of financial crisis upon retirement.
When Missouri couples decide that it's time to get a divorce, they may find that the actual separation process could take some time. While the divorce is being settled, both former spouses may face certain restrictions that will only be lifted once the divorce is finalized.
Divorce rates continue to rise for one group of people in Missouri and across the United States: the baby boomer generation, now comprised of people over age 50. The term "gray divorce" has been coined to describe these separations. Divorces have more than doubled for Americans over 50 since the mid-1990s at the same time that the divorce rate for the general population has stabilized or even declined. There are a number of factors that can contribute to this trend. Approximately 25 percent of all divorces in the country are carried out by people over the age of 50.
Many Missouri parents dread the thought of paying for college expenses. This is understandable considering that higher education is becoming more expensive every year; the College Board estimates that the cost of tuition and fees rises by an average of 3 percent annually. While these costs can be massive, college is generally a good investment in the future.