When individuals marry, they often merge their financial accounts and other assets. While most assume that their marriages will last forever, many will not. Financial issues are a common cause of divorce, at which point matters like property division will have to be addressed. Here are a couple of specific reasons that many marriages end in divorce in Pennsylvania and elsewhere.
First, the partners might be fearful of getting financially naked. In other words, they are not comfortable with being totally transparent about these issues with their spouses — especially when it comes to debt or credit ratings. In fact, it makes good sense to talk about these matters before getting married. Otherwise, one spouse may find out later that the other party cannot be listed on a home mortgage due to a poor credit score, for example.
Second, many couples create a joint account when specific situations may call for the need to keep separate accounts. In certain circumstances, joint accounts can become source of betrayals and headaches. However, whether a couple would like to combine their finances or keep their incomes separate, it is critical that they are on the same page regarding the system they are using. Open and frequent communication about financial concerns is a key ingredient to a successful marriage.
Unfortunately, sometimes divorce is inevitable due to unforeseen financial issues. When that happens, a range of issues will need to be resolved, including property division, alimony and child custody (if children are involved). An attorney can provide a client with the direction and support needed to successfully tackle even the most complex financial issues during a Pennsylvania divorce proceeding.