Debt-Proof Your Marriage
Saying that money problems are a leading cause of divorce is like saying that lung dysfunction is a leading cause of death. Lung dysfunction caused by infectious disease is not interchangeable with lung dysfunction caused by cancer, traumatic injury, or adverse reactions to pharmaceutical drugs. Likewise, one couple might separate because the wife is obsessed with keeping up with the Joneses yet refuses to enter the workforce, while another might divorce because the husband refuses to tell the wife where his paycheck goes, and she eventually finds out that he was spending it on an extramarital affair. Neither of these situations are interchangeable with that of a blended family where unreliable ex-spouses increase the financial burdens on the new couple and their children, or one where one spouse’s parents constantly accuse the other spouse of using them for their money despite all evidence to the contrary. The best defense against any of these situations is for you and your spouse to be on the same page about how to address money and how to address the rest of your family. Then, as a team, you can get out of debt with the help of a Miami debt lawyer.
Talk Through the Most Stressful Financial Situations Before You Are in Them Together
If you are old enough to seriously consider marriage, then you are old enough to understand that financial hardship is the rule rather than the exception, and it probably will be for the foreseeable future. The best thing you can do is to decide ahead of time how you and your spouse or fiancé will respond as a couple when your financial situation goes from bad to worse. These are some questions to consider:
- If you borrow student loans, or if you currently owe them, are you willing to sign an agreement promising that your spouse will never be responsible for your student loan debt?
- If you and your spouse cannot afford to maintain your own residence together, is it preferable for the couple to move in with relatives or for one spouse to move abroad for work?
- If both spouses are in the workforce, does each spouse separately send remittances to his or her family of origin, or do they pool their money and then send the remittances from their marital bank account?
- How will you and your spouse surround yourself with people who do not engage in displays of consumerism?
Most of these issues, with the exception of the student loans, are beyond the scope of prenuptial agreements. The court cannot hold your spouse to account for these promises, but sticking to your plan, or revising it thoughtfully with your spouse’s participation, is just as important as signing away your right to ask your spouse to make payments on your student loans. Most importantly, remember that debt is the enemy, not your spouse.
Work With a Debt Lawyer About Saving Your Marriage From Debt
A South Florida debt lawyer can help you find ways to address your debt before it ruins your relationship with your spouse. Contact Nowack & Olson, PLLC in Miami, Florida to discuss your case.
Source:
discover.pbc.gov/coextension/FACS/Family/WhyDebtDestroysMarriages.aspx
