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Posted on in Divorce

divorce-financesOne of the most frequent causes of marital stress - and often divorce - is financial issues. Multiple studies confirm that high debt and the lack of communication about the debt is one of the major stresses in many marriages that end up in divorce.

Some of the more frequent financial issues that married couples face include:

  • Credit card debt: When one spouse continues to rack up credit card debt over the objections of the other spouse
  • Budget overextension: When one or both spouses are unable to stay within their financial means
  • Financial infidelity: When one spouse has secret bank accounts, credit cards, hidden purchases, or gambling issues
  • Impulsive major purchases: When one spouse makes a major purchase - such as a vehicle - without discussing with the other spouse
  • Inability to compromise: When spouses have different philosophies on how money should be spent, saved, etc.
Many people who cite debt as the cause of their divorce often find that their credit scores have suffered because of the marital debt. If you are in a situation where martial debt and financial issues are leading you to consider divorce, it is important to know the steps you should take to protect yourself before, during, and after the divorce. Multiple Streams of Debt

Common forms of  marital debt include:

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