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Money issues and divorce

On Behalf of | Oct 19, 2016 | Divorce |

Up to half of all first marriages end in divorce, and the percentage climbs even higher for subsequent marriages. Disagreement over money is a common conflict. Florida couples who are planning on getting married might want to have conversations about money to reduce their chances of divorce.

They should first be clear about the debts and assets they are bringing into the marriage and whether they plan to have joint or separate bank accounts. A prenuptial agreement might be a possibility, and they should also mention any inheritances they anticipate and whether they want to keep that inheritance in their name. Couples should know one another’s credit ratings and about any bankruptcies, and they should discuss how they will approach paying bills, taxes and a mortgage.

If they want children, the couple should discuss how the children’s education will be paid for and whether either of them will stay home to raise them. They should discuss insurance needs, retirement and estate planning as well as saving and budgeting. If there are children from a previous relationship, a plan should be in place for sharing property with the current spouse in the event of the other spouse’s death.

Money and property may also be a major issue in a divorce. People’s standard of living often falls a, and protecting property such as retirement accounts and making sure that needed support is paid may be critical. A person who is considering divorce might want to visit an attorney with information about the couple’s income, debt and assets. With this information, the attorney may be able to advise the client about how the division of property might proceed. If there are children, the attorney might also be able to provide some preliminary estimates about child support payments.