Comprehensive Solutions to Difficult Family Law Issues

How money problems can lead to divorce

On Behalf of | Jul 11, 2018 | Divorce

Issues around finances could mean trouble for some marriages in California. A lack of communication about money usually leads to problems at some point. Couples may be able to avoid this by having monthly meetings in which they talk about finances and review spending and saving. In some cases, communication is so poor that one person might actually be hiding an account from the other. This can represent a serious trust issue that can potentially poison other aspects of the relationship.

Some couples fail to have any emergency savings. Like a lack of communication, this is almost sure to create trouble at some point since it is likely that something will come up, such as an unexpected car repair, that will require that kind of savings. The financial strain from a lack of savings could endanger a marriage. Couples can begin building an emergency savings account by putting aside a small amount from each paycheck. Saving may be difficult if both people tend to be spenders, and overspending could also create stress in the marriage.

However, a saver and a spender can run into problems as well because of their different attitudes toward money. They may be able to resolve these differences by compromising so that there is money saved for things such as a home and retirement but also a spending budget.

When spouses are unable to resolve differences about money, they may agree to divorce. However, this does not mean money issues stop right away. First, during the divorce process, spouses are generally not permitted to either spend excessively or close out joint accounts without the authorization of the other partner. Such actions could have implications for property division. An attorney could help guide a divorcing spouse through the asset division process.