Couples decide to end their marriages for many reasons, but financial concerns continue to be one of the leading factors in this decision. Money-related problems, including carrying significant amounts of debt, are a point of contention for many California couples. According to a recent poll, around 35% of people believe that money is the reason for the stress and issues they experience in relationships.
Debt and its effect on a marriage
When a couple accumulates a significant amount of debt and is unable to effectively manage their balances, it can lead to various stressful complications. They may get phone calls from debt collectors, or they could face threats of foreclosure or wage garnishment. Couples who have a significant amount of debt are also less able to do enjoyable things like have dates and take trips together.
The same poll also found that more than 50% believe that having a spouse with a significant amount of debt is a valid reason to pursue a divorce. In addition to debt, couples with financial struggles may have conflict over how to spend money and how to save. Debt can also lead to marital problems that stem from secret spending, financial infidelity and more.
Fair division of debt and assets
California spouses going through a divorce would be wise to seek a fair property division settlement. Each party has the right to pursue an equitable division of all marital debt, which includes all balances accumulated over the course of the marriage. One spouse should not leave the marriage with an unfair portion of debt for which both spouses are responsible.