An awareness of the influence of financial problems on a subsequent divorce could be helpful for Pennsylvania residents who are contemplating marriage. One of the most significant factors that is predictive of divorce is financial struggles and arguments in a marriage, which may provide newlyweds with the awareness needed to head off such troubles. Establishing mutually acceptable management strategies may help in minimizing the risk of problems. Additionally, being willing to communicate when challenges arise may help in working through differences.
Trouble can begin to increase when financial goals aren’t established at the beginning of a marriage. In some cases, a spouse may develop resentment over not being able to spend as they wish because of other obligations. In other cases, failure to communicate about challenging financial situations can leave one spouse dealing with the issue without the input of the other. A continued lack of communication can direct a marriage down the path toward the divorce process.
Some spouses handle their resentment over finances by squirreling away money in the form of gift cards or ATM withdrawals. They may establish separate bank accounts without informing the other party. They might open credit accounts to handle purchases secretly. Regardless of the method, however, this stealth spending can undermine the marriage. In some cases, it can even create serious debt issues that could follow both parties long after the conclusion of a divorce.
Although some marriages can be restored after financial problems have been identified and resolved, others might continue toward divorce action. In this case, both parties may need to evaluate their credit reports to ensure that any unknown obligations are identified. They may then each want to retain separate family law counsel to handle negotiations for a property settlement agreement.