Debt.com Survey: How Does Divorce Impact Finances?

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

For full survey results, click here

Were debt or other financial difficulties the primary factors in your divorce?	Percentage of respondents
Strongly agree	12.28%
Agree	20.86%
Neither agree nor disagree	14.62%
Disagree	24.95%
Strongly disagree	27.29%

Did any financial problems during the pandemic contribute to your divorce?	Percentage of respondents
Strongly agree	3.70%
Agree	10.33%
Neither agree nor disagree	10.92%
Disagree	23.00%
Strongly disagree	52.05%

Did you take on debt following your divorce?	Percentage of respondents
Yes	62.96%
No	37.04%

How much additional debt did you incur as a result of your divorce?	Percentage of respondents
Less than $1,000	29.24%
$1,000-$5,000	17.35%
$5,001-$10,000	15.79%
$10,001-$15,000 point drop	12.09%
$15,001-$20,000	7.02%
$20,001-$25,000	4.09%
More than $25,000	14.42%

Did you and your spouse share a debt that is now your responsibility?	Percentage of respondents
Yes	40.94%
No	59.06%

How much did your credit score change as a result of your divorce?	Percentage of respondents
Decreased 50 points or less	12.87%
Decreased more than 50 points	31.77%
Increased 50 points or less	3.90%
Increased more than 50 points	5.65%
My credit score was unaffected by my divorce	19.69%
I don’t know	26.12%

Did you consider separation instead of divorce as a way to avoid incurring debt?	Percentage of respondents
Yes	20.47%
No	79.53%

Household Income	Percentage of respondents
$0-$9,999	6.29%
$10,000-$24,999 point drop	10.02%
$25,000-$49,999 point drop	22.24%
$50,000-$74,999	22.24%
$50,000-$74,999	18.65%
$75,000-$99,999	13.24%
$100,000-$124,999	7.61%
$125,000-$149,999	4.46%
$150,000-$174,999	2.12%
$175,000-$199,999	1.39%
$200,000+	4.02%
Prefer not to answer	9.95%

For full 2020 survey results, click here

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.

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Debt.com and DivorceMag.com Survey: If Debt Isn’t the Cause of Your Divorce, It’ll Likely Be a Result of It