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Avoiding money issues that can lead to divorce

On Behalf of | Jan 31, 2018 | High Asset Divorce |

Financial stress often leads to Pennsylvania couples getting divorced. It is important for people to make sure that they are on the same page as their partners when it comes to money before they get married.

Marriage is in a sense a legal and financial contract that binds two people together. One money habit that often leads to divorce is when one spouse chronically overspends beyond the means of the couple’s combined ability to repay. It is important for people to take the time to learn about their prospective spouses’ spending habits so that they are not later surprised.

It is vital for couples to be open and honest about their financial situations before they get married. People should ask their partners about whether they have debt and how much they owe. If they don’t have clear understandings of their partner’s finances, they may later be in for a nasty shock. People should also never hide their spending or debts from their spouses. According to a survey that was conducted by Creditcards.com, 31 percent of people believe that hiding financial information is worse than being unfaithful.

When couples have been married for years, they may have built up substantial assets. A person who wishes to get a high-asset divorce may need legal help. Family law attorneys who are experienced in handling complex property division matters might be able to help their clients to find hidden assets so that they might receive their fair share in their divorces. The attorneys may work with forensic accountants and other professionals in order to do so.