North Tampa Legal Group, PA

The link between money and divorce

On behalf of North Tampa Legal Group posted in divorce on Wednesday, October 19, 2016.

There is up to a 50 percent chance of a marriage ending in divorce. Disagreements over financial issues are one of the leading causes, which means it may be a good idea to have a discussion about money before getting married. The ability to have such a discussion may be an indication of how well a Florida couple can communicate and solve problems together.

As a divorce can be costly, ensuring that a couple is on the same page about money may be a sound fiscal decision. Among the issues that should be discussed before the wedding is whether or not a prenuptial agreement is needed. It is also important that those who are considering marriage talk about whether one or both have been married in the past. If so, it is worthwhile to show proof that the previous marriage has legally ended.

Other issues to discuss include going over each person’s financial history including any debts that they may have. Each person should also talk about any money or property that they will either bring into the marriage or plans to inherit at some point. It may be a good idea to set a budget as well as determine who will be responsible for paying any bills that may need to be paid.

Individuals who are considering divorce may wish to talk about their decision with an attorney. Legal counsel may be able to help with property division issues such as differentiating between joint property and property brought into the marriage. There are a variety of other divorce legal issues that could be addressed in a comprehensive settlement agreement.