The recent Valentine's Day season offered couples in New Jersey an opportunity to celebrate their relationships. However, this holiday is also common time for divorce filings. This might be due to the fact that struggling couples begin to realize around this time of the year -- after the holidays of the previous year -- that making their relationships work long term is essentially impossible. In many cases, money is the factor leading to the breakdown of the marriage.
According to a recent survey, over one out of five people who had gone through divorce claimed that financial issues caused their marital problems. This percentage was greater -- 33 percent -- for people with higher incomes. The percentage was also higher -- 24 percent -- for young couple.
Among the survey respondents who asserted that money caused their divorces, 30 percent claimed that overspending in particular was a major source of tension. Other common sources of tension were bad credit and credit card debt. Over half of the people who had money problems said that either they or their spouses had lied about finances or had hidden financial information from the other party.
Money can be a major point of contention not only before a divorce but also during this type of legal proceeding. Failure to make wise decisions when it comes the division of assets can unfortunately lead to financial losses that are difficult to recover from, especially if the divorce is taking place later in life. An attorney in New Jersey can help with navigating a divorce process to ensure that one's best financial interests are ultimately protected.
Source: thefiscaltimes.com, "The Money Troubles That Most Frequently Lead to Divorce", Beth Braverman, Feb. 13, 2017