Even though California residents believe that love should be the glue that holds a marriage together, financial insecurity is a major reason that married couples do not make it. One major financial problem that could be divorce is the lack of savings or the inability to increase savings.
If a couple does not have any savings, the stress of not being able to deal with emergencies, sudden illness or a loss of a job can be extremely stressful. Living paycheck to paycheck can mean that any event can be detrimental. If the car suddenly stops working or a pipe bursts in the house, for example, the financial stress of finding a solution can ultimately make one spouse decide that the circumstances are not working.
A lack of savings can also result in money secrets that one spouse may keep from another. This may include opening up new credit cards without the other person’s knowledge to make payments on the car or on the home. However, these money secrets can make the situation even worse, especially once the other person finds out. Not only can this further prevent a couple from saving any money as they are now paying more, it can destroy trust.
If a divorce results from financial stress due to a lack of savings or a lack of trust over financial debt, the process can be complex even if the former couple does not have marital property or assets to divide up. This may be especially true if the former couple has debt that will have to be divided. A family law attorney may help determine who will be responsible for what debt once the divorce is finalized by showing evidence that proves who was responsible for that debt. The attorney might also help a person understand how the divorce will impact his or her future finances.
