Major financial conflict can quickly lead to divorce

| Dec 10, 2018 | Divorce

It’s relatively common for married couples to combine their money. This generally makes it easier for them to make purchases and achieve their financial goals together. However, sometimes financial issues can drive a wedge between two spouses, ultimately leading to the demise of their marriage. In this situation, property distribution is often a major area of contention. Here is a glimpse at why some couples in Massachusetts experience financial conflict that end ups leading to divorce.

In many cases, people who are about to get married are not transparent about their financial situations and goals. For instance, they do not talk about matters such as credit scores and debt. Then, once they get married, they still fail to discuss these issues until it is too late. For example, they may learn later on that one of the spouses cannot be listed on a mortgage with the other party because his or her credit score is too low.

Second, a married couple may naturally decide to establish a joint bank account after they tie the knot. However, this may not be the best arrangement for all married couples. In some situations, a joint account can cause conflict, anxiety and headaches if both parties are not on the same page regarding how they use the money they save together.

Although financial conflict can certainly lead to divorce, it’s still possible to resolve property division issues outside of court, rather than going to trial. For instance, they can work toward a mutually satisfactory settlement agreement through informal negotiations or mediation. A Massachusetts family law attorney can help a client who is divorcing to pursue the most personally favorable outcome possible, whether it be through direct negotiations, mediation or formal litigation.