Protecting a marriage from financial strife

by | Dec 10, 2018 | Divorce |

California couples should be aware of ways they can financially divorce-proof their marriages. Financial strife is a major factor in why couples divorce. A survey suggests that 59 percent of divorced couples at least partially blame financial issues for their divorces. Another 20 percent claim that financial issues were a major factor in why they divorced.

The dating phase is the best time to hash out financial issues and plan for the future. Being on the same page from the start can help significantly down the line when the couple is married and may be struggling with finances. Couples are also recommended to reach out for financial advice by contacting a certified financial planner or a therapist. Involving a third party who will offer unbiased advice can make a big difference when it comes to planning a future.

Because they require total transparency, prenups that determine asset division ahead of time are another way to turn a couple into a team. If a couple has a prenuptial agreement, they can rest easy knowing everything was brought to the surface.

Couples should join together to come up with mutual financial goals and discuss how they can reach those goals. Having a financial plan gives couples something to work toward and improves accountability. To establish transparency, couples should consider sharing their passwords to bank accounts and credit cards, and couples should consider meeting every few months to make sure they are on the same page where their financial future is concerned.

When a couple is seeking a divorce, an experienced attorney may be able to help them divide their assets and move forward with as little conflict as possible. Property division may include trust funds, bank accounts and retirement plans, and it can be difficult and emotionally straining to navigate the process alone.