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A lack of communication over finances can lead to divorce

On Behalf of | Jul 9, 2018 | Divorce, Spousal Maintenance

Many Minnesota couples may be aware that the divorce rate in the United States has been approximately 50 percent for some time. While there are many reasons why couples get divorced, one of the most common is the lack of communication when it comes to family finances.

There are several causes behind poor communication when it comes to money issues. In some cases, for example, one spouse might take the family finances as their responsibility. This may mean that they create the budget and are responsible for paying the mortgage and any other bills. This can leave the other partner in the dark when it comes to how much in savings the couple may have. In some cases, either spouse may open credit cards or make large purchases without consulting the other person, putting stress on the family.

Keeping open communication about finances can help prevent conflicts that could lead a spouse to file for divorce. It is recommended that spouse schedule a time to openly talk about their finances. This gives them a chance to create a budget that can be agreed upon and allows both to have a say in how the money is spent.

When the conflicts over finances reach a standstill, a spouse may decide that it is time to get a divorce. However, the actual separation process can have some future financial implications if one does not take into account certain issues, such as alimony, child support and the division of marital property. A family law attorney could determine what the spouse may be obligated to pay or be entitled to receive.

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