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Divorce may stem from debt conflict in marriage

On Behalf of | Dec 19, 2018 | Divorce, Firm News |

Various types of marital issues may result in the dissolution of a marriage in New York. However, in many divorce cases, the problems leading to the breakup of couples’ marriages primarily have to do with money. Debt in particular can quickly drive two married individuals apart and spark even more conflict between them during their divorce process.

According to research, more than 50 percent of couples start their romantic relationships with financial debt. Furthermore, 40 percent of these couples claim that their financial stresses have an adverse impact on their unions. Couples who end up fighting about their finances increases their chances of divorce by 30 percent.

Financial conflicts may be over which spouse should cover which debts in the marriage. Still, other spouses might argue about how exactly they will pay down their mountain of debt. It is critical that two married parties with immense debt figure out a method of paying it down that satisfies both parties so that they can work collaboratively toward this objective.

Sometimes, it is simply not possible for two feuding spouses to resolve their money issues, in which case divorce is unavoidable. However, if the two parties can find common ground on how to approach property division and alimony, they may be able to achieve a divorce settlement outside of court instead of going to trial. Either way, an attorney can help an individual who is going through divorce to pursue his or her best interests financially, all the while ensuring that his or her rights are protected in New York.