Financial Items That Can Lead To Divorce Disagreements
When a couple decides to dissolve a marriage, disputes are common. And money is one of the most common areas of disagreement. According to one report, around half of arguments within a marriage surround finances. With this high percentage, it makes sense that arguments will continue when an individual decides to end a marriage.
Health and happiness are the keys to a content life, but financial security can help to alleviate worry and stress. Before you agree to any financial agreements, talk to an experienced Port St. Lucie divorce attorney. It is possible you can secure your financial future with a number that is far higher than what was originally offered by the other individual’s attorney.
Fights About Spending Habits and Financial Infidelity
When the two individuals have different spending habits, it can lead to arguments. There is even the possibility of the person who likes to spend money purchasing things secretly. And sometimes the items are not only material items, it is also possible real estate and investments have been purchased. When a marriage is ending, all assets need to be disclosed so assets can be distributed properly.
Hidden assets and financial infidelity are far more common than many believe. The National Endowment for Financial Education reports that approximately 40% of married individuals have financial information they have kept hidden from their spouse.
Mortgages, Loans, and Other Debts
It is possible you and your spouse carry significant debt, some understood by both parties, some withheld from the other party. There can be a lot of stress surrounding how those debts will be settled. This could include one or more of the following:
- Credit card debt
- Medical bills and expenses
- Student and educational loans
- Mortgage debts
- Payday loans
- Loans on autos, boats, trucks or recreational vehicles
- Business or personal loans
- Overdue taxes
- Gambling debts
How the debt will be handled will depend on a variety of factors, including income levels and who will be securing marital assets. Sometimes, it is possible for debts to be settled before the divorce. This could be the best solution for you, if you have the resources in savings. Of course, before making any big financial changes, discuss your situation with a skilled legal professional who can determine how assets and debts will likely be divided when the divorce agreement is finalized.
When you are working with a Port St. Lucie divorce attorney, they can analyze your situation and determine if there are hidden assets or if spousal maintenance payments are a possibility. Do not sign away your financial future, discuss your options with an experienced family lawyer before making a final decision surrounding assets and debts. Once funds are transferred in an attempt to settle a matter without reducing the settlement to writing, those funds can be very difficult or impossible to recover if the agreement fails.
What money concerns do you have as you move through the Florida divorce process? Securing your financial future is essential. At Baginski, Brandt & Brandt, our top priority is to take care of your needs and ensure that you are being well-represented. If you have any questions or you find yourself in need of legal help, please do not hesitate to contact our team of family law attorneys today.