How money can lead to divorce

On Behalf of | Jul 9, 2018 | Uncategorized

Illinois marriages that end in divorce are frequently unable to survive because of issues related to money. For example, a marriage could end because there was no communication or trust when it came to the household finances. To improve communication, couples should come together often to have conversations in an honest and safe manner. These conversations should happen at least once per month.

When one person in a relationship is a saver and the other is a spender, it can be difficult for each to come to agreements regarding how money is used. Ideally, a plan will be created that allows money to be set aside for retirement or paying for a home. The rest of the money can then be used how the couple sees fit.

Couples who don’t have an emergency fund could experience a lot of stress and tension in their relationships. To overcome this problem, it’s critical to start putting money into a savings account regularly. The goal should be to create an emergency fund of at least six months. This can be done by sometimes skipping a dinner at a restaurant or other luxury and then putting the money into such an account. Ideally, couples will aim to put away at least 2 percent of their take home pay.

There are many financial issues that could arise during a divorce proceeding. Disputes may relate to alimony, child support or how to divide retirement accounts. An attorney may be able to help a person craft an agreement based on the facts of the case and state law. This may increase the odds that a person is able to obtain a favorable settlement. Cases may be resolved through litigation, mediation or arbitration. They may also be settled by a combination of these methods.


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