Debt.com » Research » Debt.com and DivorceMag.com Survey: If Debt Isn’t the Cause of Your Divorce, It’ll Likely Be a Result of It
Advertiser Disclosure
Debt.com strives to provide our users with helpful information while remaining unbiased and truthful. We hold our sponsors and partners to the highest industry standards. Once vetted, those sponsors may compensate us for clicks and transactions that occur from a link within this page.
This Free Download is the Only Guide to Getting Out of DebtYou’ll Ever Need
Just give us your email and we’ll send you the guide now!
Thank you for requesting the guide. Please check your inbox!
By submitting this form you will also be subscribed to our newsletter to get the latest articles, financial tips, tools, giveaways and advice delivered right to your inbox. Privacy Policy
Debt.com and DivorceMag.com Survey: If Debt Isn’t the Cause of Your Divorce, It’ll Likely Be a Result of It
For many survey respondents, their debts reached more than $5,000 – and their credit scores dropped by more than 50 points.
Debt.com and DivorceMag.com partnered to ask Americans how divorce impacts their finances. After surveying more than 500 divorcees, we’ve determined that debt and financial disagreements can certainly lead to unhappiness in marriage – but it’s not why most break their vows.
One-third of divorced couples say financial problems were not a contributing factor to their split. However, nearly two-thirds reported they took on debt after their divorce was finalized.
More than half of survey respondents said their debts reached more than $5,000. And nearly 15 percent said their debts amassed over $25,000.
Taking on more debt meant taking a hit to their credit score. More than 4 in 10 said their divorce sunk their credit by at least 50 points.
Decreased 50 points or less: 13%
Decreased more than 50 points: 32%
Increased 50 points or less: 4%
Increased more than 50 points: 6%
“It doesn’t matter how much you earn, couples will fight about money. It doesn’t matter how much you have, divorce will cost you money,” says Debt.com president Don Silvestri. “We already knew this from our seven years of helping Americans get out of debt. But those high numbers were a little surprising – and depressing.”
Most respondents said financial difficulties did not contribute to their divorce
2 in 3 said they took on debt following their divorce
Divorce caused more than half of respondents to take on over $5,000 worth of debt
3 in 10 said their credit score dropped by more than 50 points as a result of their divorce
4 in 10 shared a debt with their former spouse that’s now theirs alone
Most survey respondents told us that debt and financial difficulties were not a factor in their divorce.
Response
Percentage of Respondents
Strongly Disagree
26.01%
Somewhat Disagree
12.12%
Disagree
22.98%
Somewhat Agree
24.24%
Agree
6.44%
Strongly Agree
8.21%
All respondents to our survey told us they took on debt following their divorce – and the majority (40%) said it was more than $5,000.
Response
Percentage of Respondents
More than $5,000
39.90%
Less than $1,000
29.42%
Between $1,000 and $5,000
30.68%
When asked if they took on sole responsibility for a shared debt following divorce, respondents were near-split. Most respondents (57%) didn’t – but close to half (43%) did.
Response
Percentage of Respondents
No
56.57%
Yes
43.43%
Most respondents (38%) said their credit score dropped more than 50 points.
Response
Percentage of Respondents
Decreased more than 50 points
37.75%
I don’t know
29.67%
My credit score was unaffected by my divorce
16.54%
Decreased 50 points or less
10.35%
Increased more than 50 points
4.04%
Increased 50 points or less
1.64%
Most divorced respondents told us they “never considered separation” rather than filing for divorce.
Response
Percentage of Respondents
No
88.01%
Yes
11.99%
Methodology: Debt.com and Moneywise.com surveyed 2,700 Americans through online platform SurveyMonkey between Nov. 1, 2019 and Dec. 29, 2019 – but only sourced data from about 800 Americans who have been through a divorce. Moneywise.com is a personal finance website affiliated with Wise Publishing headquartered in Toronto Canada.
Methodology: Debt.com and DivorceMag.com surveyed more than 500 divorced Americans and asked nine questions related to how divorce impacted their finances. People responded from all 50 states and Washington, DC and were aged 18 and above. Responses were collected through SurveyMonkey. The survey was conducted from Jan. 28, 2022 to March 30, 2022. Percentages were rounded up to the nearest whole number and might not total 100 percent.
All website interactions and phone calls are recorded for compliance and quality assurance purposes. We use cookies to collect and analyze information on site performance and usage, and to enhance and customize content and advertisement. You may refuse to accept browser cookies by activating the appropriate setting on your browser. However, if you select this setting you may be unable to access certain parts of our Website. Unless you have adjusted your browser setting so that it will refuse cookies, and by continuing to use our website, you agree that our system will issue cookies when you direct your browser to our Website.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.