August 14, 2010
/24-7PressRelease/ -- Divorce has long been a common theme for couples in the United States. The group Americans for Divorce Reform estimates that anywhere from 40 to 50 percent of all marriages end in divorce. While marriages fail for a variety of reasons, financial problems are often cited as one of the main factors in the dissolution.
Likewise, the economy, unemployment rate and dip in the housing market have all been mentioned as factors contributing to the rise in bankruptcy filings in recent years. In 2009, over one million people filed for bankruptcy and it is expected to be even worse this year. The American Bankruptcy Institute predicts there will be more than 1.6 million personal bankruptcy filings by the end of 2010.
Though many couples cite financial difficulties as a reason to seek divorce, divorce can also create financial problems of its own. If people are not careful, they can make mistakes in the divorce process that can affect them for years to come, leading some to consider bankruptcy as the only way out.
Taking on Too Much Marital Debt, Failing to Make Lifestyle Changes
When financial problems take over a marriage and divorce results, there is often a fight over the most valuable assets. But one of the more pressing questions is who will shoulder a majority, or all, of the marital debt. This can be one of the most contentious aspects of a divorce. If the terms of the divorce settlement are not fair, it can leave one or both parties struggling.
After a divorce, couples that enjoyed a joint income now find that they must live on far less; meaning the lifestyle they were once accustomed to is no longer feasible. Unfortunately, many of those same people do not make appropriate adjustments to their budget.
In other marriages, one spouse may have put a career on hold or made other financial sacrifices for the family. In these cases, that spouse will need time to work on an education or secure the training necessary to compete in the job market. If the proper amount of spousal support has not been negotiated, it can be a matter of time before financial problems set in.
Divorce is never easy. Even if you and your spouse agree on many of the issues, it is important to consider working with an attorney. Speaking with an experienced family lawyer is the best way to make sure the terms of your divorce are fair and that your interests are protected.
Article provided by Singer Pistiner P.C.
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