Financial issues may spark divorce, property division conflict
Posted in Property Division on December 6, 2018
It is not uncommon for newly married individuals to join their assets together, such as their money. This is because they view themselves as a team — a team that will last long term. The unfortunate reality, though, is that financial problems can easily cause a marriage to end sooner than expected, and when this happens, property division may quickly become an area of conflict. Here is a look at some specific reasons why couples in California may experience financial issues that ultimately lead to divorce.
First, in some cases, married individuals are never fully transparent with each other about their financial situations. This is particularly problematic in the area of credit ratings and debt. In fact, individuals would be better off discussing these matters prior to saying their I Do’s. If they fail to do this, they may, for example, discover years into the marriage that one of the parties cannot be on their first home’s mortgage as a result of his or her sub-par credit score.
Another common cause of divorce is that two individuals set up a joint bank account when they got married. Although joint accounts can certainly be convenient for some couples, they might not necessarily be the best choice for all couples. After all, they may cause headaches and anxiety if one party is not totally forthcoming regarding how he or she is using the combined funds.
If two people decide to get divorced due to financial issues, they may naturally expect the divorce process to be a hostile one. However, it does not necessarily have to be that way. Instead of going through traditional divorce litigation, they could choose to engage in informal negotiations or mediation to resolve matters such as property division. An attorney in California can guide a divorcing spouse through these types of processes, making sure that his or her best interests and rights are protected each step of the way.