Money problems are one of the leading causes of divorce in the United States, and debt is especially known to be a relationship terminator. Nearly 50 percent of all couples go into their marriages with debt already accumulated, creating an uphill battle. Partners often disagree about who is more responsible for their financial woes, and concerns about the problem lead to a lack of communication and increased fighting about money in general.
While money is one of the most common causes of divorce, often couples don’t recognize this fact when going through the legal process. This is likely due to all the stresses that come from not being secure about the future. Worrying about medical costs, rent, childcare, and other expenses can cause anxiety that spreads out into other aspects of a relationship. Getting rid of these concerns may strengthen every other part of the marriage.
When a couple is committed to getting rid of their debt, they are much more likely to succeed and maintain a good relationship. Fortunately, there are a lot of resources available for people in this situation. Financial advisers can recommend specific actions to take while couples counselors can help open up the lines of communication. By focusing on a positive future, marriages have a better chance of getting their debt resolved.
Couples who decide to get divorced as a result of debt or any other reason might consider seeking representation from a family law practice. The division of assets or responsibility for debt can be contentious issues during a divorce, and each party has the right to protect their own interests. Many of these disputes can be settled out of court, but asking for a judgement may be necessary when an agreement can’t be reached.