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How student loans impact engaged couples in Texas

Engaged couples who have student debt should understand how those debts impact their marital finances and futures to better avoid common arguments and marital strife.

There is much more to think about before tying the knot in Texas than the date of the wedding, the site of the ceremony and the overall wedding theme. Couples who have student debt or student loans should understand how their financial situation will change once they are officially married. This is especially essential because finances are one of the leading causes of divorce. Know what you are getting into before saying, "I do" when you might be better off saying, "I do not."

Income-driven repayments might be changed or eliminated

Students with repayment plans dictated by their income should learn the latest laws, regulations and requirements before the next tax season rolls around. This is because checking "married filing jointly" on tax forms can lead to a decrease in the amount owed. On the other hand, opting to file jointly with a spouse opens the door to increased repayment amounts. Because both tax laws and loan terms can be quite confusing to laymen, it is best to consult with a certified accountant to determine which route is best for the couple.

Interest deductions might be lost

Depending on your student loan and your financial situation, there is a chance you can deduct a percentage of your interest payments for the last tax year. If getting married means bringing in a higher income, you may no longer qualify for that deduction. This is not to say you should not get married, simply that you should prepare your finances accordingly before filing your taxes.

Spouses may not be responsible for each others' debts

While married couples get used to the fact they share a lot of things in life, their student debts should not be one of them. In addition to some student loans being considered marital debt, there are loans that include death discharges, which means the surviving spouse will not be held responsible for repaying the loan if the original borrower passes before paying off the loan. Refinancing and cosigning are two other instances in which both spouses can be held jointly responsible for the loan.

Debt can impact major future purchases

Student loan debt can limit a person's financial options when single, and that does not change with marriage. Substantial debt can push back the possibility of buying a home, starting a family, buying a business and other endeavors and milestones that require a sizeable financial contribution.

Divorce is not the only reason to speak with a Texas family law attorney. Talking with one could be just the thing needed to avoid divorce and the headache and heartache surrounding it.

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Bruce Turner

In addition to his law degree, Bruce Turner has a master's degree in tax law and is Board Certified in Commercial Real Estate Law by the Texas Board of Legal Specialization.

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Office Locations

Turner, Bruce E.
1603 Lyndon B. Johnson Freeway Suite 280
Dallas, TX 75234

Phone: 800-486-9553
Fax: 214-373-2570
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Bruce Turner with Bennett, Weston LaJone & Turner, P.C.

Attorney Bruce Turner is located in Dallas and represents people and businesses throughout DFW and the Metroplex, including Denton, Carrollton, Lewisville, Flower Mound, Farmers Branch, Irving, Las Colinas, Corinth, Highland Village, The Colony, Plano, Frisco, Allen, McKinney, Mesquite, Grand Prairie, Garland and Grapevine as well as Collin County, Denton County and Dallas County in Texas.

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