In Pennsylvania and across the country, many married couples have disagreements about money. These disputes can get heated when the debts start to accumulate. A recent study suggests that married couples who fight about finances may be at greater risk for divorce, and that can even apply to couples who may be headed for a high asset divorce.
It’s said that nearly half of all couples who marry have some sort of debt before they walk down the aisle. Couples may disagree on how and who should pay off the debt. In marriages where financial obligations are creating stress, couples may suffer from poor communication and struggle to openly discuss their feelings about personal finances.
No matter the economic status of individuals prior to marriage, a prenuptial agreement is worth considering. To prepare for a prenup, both individuals must disclose their assets and debts, and this forces a conversation about money. In addition, a prenuptial agreement can specify how premarital and marital debts should be repaid, who is responsible for doing so, and in what percentage. Couples who married without signing a prenup can accomplish the same thing through a postnuptial agreement, and an attorney can help clarify how marital assets and debts should be handled.
Unfortunately, some couples are not able to move past disagreements over finances, even with the help of couples counseling. Those in Pennsylvania who choose to end their marriage are best served by relying upon an experienced family law attorney. This is especially true for those facing a high asset divorce with concerns about the division of assets and financial responsibilities between the parties.