When people get married, they may naturally assume that love will be enough to get them through their toughest moments. Unfortunately, if they end up not being on the same page with their finances, this can quickly take a toll on their emotional bond and ultimately lead to the demise of their marriage. Specifically, debt issues can cause two people in California to decide to move forward with divorce, at which point, they must tackle potentially challenging issues such as debt and property division.
Research indicates that over half of couples begin their unions in debt. Also, about 40 percent claim that the financial burdens they face end up harming their relationships. In fact, those who quarrel about their finances boost their likelihood of breaking up by 30 percent.
One of the biggest aspects of marital finances that couples argue about is who should pay for certain debts. Other couples might be at odds regarding how they should pay off their debt. It is paramount that both parties are on the same page when it comes to their debt payoff method, as this is the first step in getting rid of their debt and ultimately embracing financial freedom together.
Unfortunately, even if two parties in California try to overcome their financial problems as well as the marital issues they cause, they may be unable to. As a result, they might decide to get a divorce. Fortunately, an attorney can help an individual who is navigating the divorce process to make informed decisions about financial matters such as property division or alimony so that his or her best interests are protected long term.