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Divorce and finances

On Behalf of | Dec 13, 2018 | divorce

Many issues can cause a marriage to fail, including finances. However, Connecticut couples can make sure that financial problems do not contribute to the end of their marriage.

Experts state that the divorce rate in the United States ranges from 40 to 50 percent. According to one 2017 study, 59 percent of couples reported that financial problems had a role in the end of their marriage. Twenty percent stated that financial problems contributed substantially to their divorce, while another 26 percent report that the credit score of their spouse was a cause of anxiety in the marriage.

The best time for couples to discuss financial issues is when they are dating. Waiting until after they have married is too late. During the dating period, couples can talk about their strategies for saving and spending. Even without financial issues, marriage can be difficult. However, couples who can be on the same page at the beginning their marriage regarding their finances can avoid conflicts.

Couples may also consider seeking counsel from qualified individuals, such therapists, financial planners or financial therapists. These individuals can examine financial situations objectively and can help couples navigate the sometimes difficult conversations regarding financial goals. Couples who attend pre-marriage counseling can make sure that finances is one of the subjects that is addressed.

Completing a prenuptial agreement is another way couples can prevent financial issues from becoming a factor in a divorce. The legal documents protect both parties in a marriage and are vehicles that allow couples to address all aspects of their marriage before they get married.

A divorce attorney may advise clients about which legal options should be pursued to obtain the desired divorce settlement terms. Litigation may be used to protect the rights of clients regarding the division of marital financial assets.