Financial Infidelity Can Lead To Divorce
Arguing about finances is a common marital issue. In some instances, this is due to financial infidelity, a term that refers to when one spouse lies to another about their spending, investments, or other money concerns. According to one report, approximately 4 in 10 marriages have some financial infidelity, whether that is a savings account their spouse isn’t aware of or gambling debts a person is shielding from the marital budget. Because of this, it stands to reason that many disputes during a separation and divorce hinge on opinions about how money, investments, and future finances should be handled.
Talk to a Bucks County family attorney about your marital finances and what asset division agreement you are seeking in order to secure your financial future. A skilled divorce lawyer can inform you what is possible and fight for the outcome that will allow you to exit the marriage without feeling financially vulnerable.
Debt Disputes and Spousal Support
Thinking about the money you have is often more enjoyable than calculating your debts, but debt division is part of the divorce process as well. Some of the debts that will need to be assessed include the following:
- Credit card balances
- Mortgage debts
- Auto loans
- Debts for boats or recreation vehicles
- Student and academic loans
- Debts and payment responsibilities connected to a business
Debts are typically divided after assessing which spouse took on the debt, the incomes and resources of both spouses, and how marital assets are being distributed. But when there has been financial infidelity in a marriage, the spouses may find themselves in ongoing arguments about one person’s spending habits or why luxury purchases were made without their consent.
It is also likely that arguments about spousal maintenance payments or child support will occur if the person seeking support was financially unfaithful. Essentially, the spouse being asked to pay support may not believe the person requesting payments is financially responsible. That said, support payments are determined by assessing resources, how the money is spent once a payment is made is not the concern of the paying individual once a divorce is finalized.
There is a fair path to asset and debt division, even when it feels like your financial fights will never end. You and your spouse do not have to negotiate divorce terms, instead lean on the professional expertise of a skilled attorney.
Talk to a Lawyer Who Understands PA and NJ Divorce Laws
When you hire a Bucks County family attorney, they can explore the possibility of hidden assets and debts, bringing those figures to light. You need to be sure all assets and debts are analyzed during the divorce process in order to craft a divorce agreement that is full, fair, and complete.
What are your financial worries as you move to end your Pennsylvania or New Jersey marriage? Discuss the facts of your situation and develop a strategy for your future with the legal team at Kardos, Rickles & Hand. To learn more about next steps, schedule your no-cost consultation today. Call 215-968-6602.