Finances And Divorce Can Be An Issue In Subsequent Marriages, States Denver Divorce Attorney
Denver, CO (Law Firm Newswire) January 24, 2013 – Current statistics show that for every first marriage in the U.S., 41 percent of them end in divorce.
Meanwhile, the divorce rate in the U.S. for second marriages is currently at 60 percent, and the divorce rate is 73 percent for third marriages. While not all of the unions that end in divorce do so due to disagreements about how to combine marriage and money issues, anecdotal evidence indicates that subsequent marriages tend to have trouble with the same issues as the previous ones.
“While it is unclear how many marriages end in divorce due to financial issues,” says Denver divorce lawyer Bill Thode, “there are things an individual in their second or subsequent marriage(s) can do to ensure a smoother-running household when it comes to money management.”
Some tips include: Maintaining a joint account to be used for household expenses such as mortgage payments or rent, utilities, and groceries. Each partner can keep a separate account, and move some money into the joint account on a scheduled basis. If the incomes are significantly different, decide if the person should pay a percentage of their paycheck into that joint account, or a flat sum.
Set up a budget and rules for spending. Purchases from the joint account should be decided jointly, or decided above a certain amount. For example, some couples have an agreement to confer with the other before buying any household item that costs more than fifty dollars. Decide together what the spending limit is.
Have a debt game plan in place. If one or both parties are bringing financial debt or bad credit into the marriage, sit down and work out all of the logistics. How will the debt be repaid? How will the other partner be kept from legal entanglements? How will that person’s credit scores be protected?
Solidify what happens with the investment accounts. Are they to be jointly owned? Who decides what happens if changes must be made? What about retirement accounts and inheritance issues for any children from previous unions?
With some planning and foresight, experts say, financial issues do not have to be a major cause of marital strife.
Thode Law Firm, P.C.
201 Steele Street, Suite 201
Denver, CO 80206
Call: (303) 330-0425
View Larger Map
- Facebook Continues To Be An Issue
<p>A woman in India recently filed for divorce after her husband neglected to change his relationship status on Facebook to “married” for two months after they were married. The husband replied that the status update had slipped his mind, but the wife insisted she could not trust him. The judge told them both to seek [...]</p><p>The post <a href="http://www.thodelaw.com/2013/02/facebook-continues-to-be-an-issue/">Facebook Continues To Be An Issue</a> appeared first on <a href="http://www.thodelaw.com">Thode Law Firm, PC</a>.</p>
- Social Media And Divorce: Do Not Overshare
<p>Do you use social media to share things about your personal life with others? Do you post information, complaints, comments, personal items or gossip to your Facebook wall? Do you tweet them? Are you one of the millions of bloggers? If you do post or tweet or blog, you are in good company. But before [...]</p><p>The post <a href="http://www.thodelaw.com/2013/01/social-media-and-divorce-do-not-overshare/">Social Media And Divorce: Do Not Overshare</a> appeared first on <a href="http://www.thodelaw.com">Thode Law Firm, PC</a>.</p>
- Parenting After Divorce
<p>Time and time again, studies show that what works best for the children of divorced parents is when both parents strive to have open communication with their child. If your split was acrimonious, a joint custody arrangement can feel uncomfortable. You may have a painful history that you are reminded of whenever you and your [...]</p><p>The post <a href="http://www.thodelaw.com/2012/12/parenting-after-divorce/">Parenting After Divorce</a> appeared first on <a href="http://www.thodelaw.com">Thode Law Firm, PC</a>.</p>