Divorce is an unpleasant process that can wreak havoc on personal finances and tax emotions to the breaking point. The divorce process can last many months, and sometimes more than a year. Almost no one enters a marriage planning to get a divorce, but the pressures and stresses of modern life seem to persist in keeping the divorce rate high.
Finance is one of the modern stressors that can have a profound chilling effect on marital satisfaction. The results of a study by the Family Relations Journal seem to bear this out. The study revealed that whether married couples argue about money is a strong predictor of an eventual divorce.
As they say, an ounce of prevention is worth a pound of cure. Therefore, the importance of couples finding a way to be on the same page regarding their finances bears consideration. One good way to do this is to go into the marriage together with a clear understanding and agreement regarding financial expectations. Couples should be open and honest with each other regarding their individual credit history, income and debt.
It is also a good idea to set financial goals and work toward them together. Topics on which couples should have strong communication and consensus include how much money will be saved, how much money will be spent on things like vacations and personal desires, how will current debts be paid off, who will manage the household bill paying duties, how will credit be used, and what major purchases will be made such as homes and vehicles.
These precautions may assist in keeping a marriage together, but of course divorces will still happen. In the event of a divorce, emotions could play a role during any dispute. If finances had been discussed before the divorce, it may make it less of a struggle to decide on things such as property division and division of marital assets.
A Colorado attorney may be able to assist with the tough decisions that need to made during a divorce proceeding.
Source: The Coloradoan, “Column: Finding money harmony helps marriages,” Sara Gilbert, May 3, 2014