Margaret Gettle Washburn, P.C.
(770) 676-1191
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Money issues that may cause marital problems

Statistics say that up to half of all first marriages end in divorce, and the likelihood of subsequent marriages failing is even higher. One of the most common reasons couples run into marital problems is because of money. Talking about attitudes towards money, financial plans and their own financial situation prior to tying the knot may result in a more successful marriage.

Couples need to be up front about any bankruptcies, debts and their credit ratings. They should talk about any assets they are bringing into the marriage and how they would like to handle them. For example, they might have an inheritance they want to keep in their name. This may also include a discussion of whether to have a prenuptial agreement.

Couples should discuss whether they have a retirement plan and their ideas about savings and budgets. They should talk about who will be responsible for paying bills and taxes, insurance needs and whether they plan to pool their money or keep it separate. It is also important to talk about having children, whether one person will stay home with the children, and how their college education will be paid for.

Unfortunately, even with conversations beforehand, marriages may break down because of money disagreements or for other reasons. In relationships where conversations such as these have taken place, both spouses may better understand the family finances, and this means neither may be at a major disadvantage in approaching the divorce. However, people who do not work outside the home should prepare to begin supporting themselves at some point even if they will initially receive spousal support. Bringing along as much financial information as possible to an initial consultation with an attorney might help people begin to plan for their financial situation after the divorce.

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Margaret Gettle Washburn, P.C.
4799 Sugarloaf Pkwy
Building J
Lawrenceville, GA 30044

Phone: 770-676-1191
Fax: 770-963-2828
Lawrenceville Law Office Map

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