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Despite the impact of COVID-19, we are open and continuing to meet the needs of our existing clients and new clients without interruption or change in the quality of our services. Please do not hesitate to contact us with any concerns, questions or requests for information about your matter. At this time we are offering appointments via telephonic and/or video conferencing.
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Solving money problems that can lead to marital breakdowns

by | Jul 9, 2018 | Divorce |

It is an unfortunate fact that many people in New Jersey will end up divorcing. One of the biggest reasons why marriages fail is money problems. There are several different money issues that may lead to divorce as well as ways that people can solve them.

One common problem that can lead to marriages breaking down is poor communication about finances. Couples may be able to avoid this problem by scheduling regular discussions with each other about their finances. The discussions should be honest and include shared financial goals. Another problem that can contribute to divorce is not having any savings. People who do not have a cushion saved up may be unable to weather difficult times such as job loss or medical emergencies. People can solve this problem by transferring a small percentage of income from every paycheck into a savings account until they have a reserve of three to six months of income.

Keeping secrets about finances may also cause divorce. People who discover that their spouses have been hiding money or debts may feel as if their trust has been violated. People should instead be honest about their finances from the start to avoid this problem. Finally, marriages may end in divorce when the couples have different values about money. People may be able to solve this problem by agreeing to some common financial goals while allowing their spouses to spend or save a certain amount of money as they wish.

People who are unable to save their marriages because of irreconcilable differences may want to talk to experienced family law attorneys. The lawyers may assist their clients through the process and work to make the process as smooth as possible. They might try to negotiate settlements with their clients’ spouses in order to avoid protracted battles in court.

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