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Money problems often lead to divorce

Just as money is one of the biggest areas of disagreement during a marriage, financial matters can cause animosity during the dissolution of a marriage. Dealing with finances during divorce in Bronxville, NY, can be a challenging process whether a couple has been married five years or 50 years. After all, in many cases, financial issues were the cause of the divorce in the first place.

According to a recent survey, more than one out of five individuals blamed the dissolution of their marriages on money. In addition, about six out of 10 people who said money caused their divorces claimed that they ended up going into debt due to their marital split. Twenty-three percent claimed they owed over $20,000 in debt after getting divorced.

Following divorce, it can be challenging to adjust to life as a single person. For this reason, consulting a financial planner prior to getting divorced can be beneficial. The financial planner may be able to offer helpful input regarding the division of assets and help to reorganize one's financial plan long term.

When it comes to dealing with money matters during divorce in Bronxville, NY, collaborative divorce may be a viable alternative to divorce litigation, which can be time consuming, stressful and costly, especially when the divorce involves children. However, sometimes it is not possible to achieve a mutually satisfactory and fair settlement through collaborative divorce or divorce negotiation. In these situations, a judge will end up determining how assets will be divided between the two parties, although the outcome may not be personally favorable to one or both spouses.

Source: thefiscaltimes.com, "The Money Troubles That Most Frequently Lead to Divorce", Beth Braverman, Feb. 13, 2017

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