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Money matters can make divorce more complex

Marriages begin with love and companionship but can end with anger and resentment if difficulties derail them from being successful. When married Colorado couples reach the end of their patience and can no longer endure their legal relationships, it is not uncommon for them to turn to divorce. In fact, in 2015 more than 800,000 American couples ended their relationships in divorce, and second and third marriages were more likely to end in divorce than marriages between people who had not been married before.

Divorce is difficult for a wealth of emotional reasons. Often, there is a feeling of failure that accompanies the end of a marriage. Partners may feel frustrated and angry with each other's actions. In some cases, a partner may feel disrespected, dishonored or embarrassed by the conduct that led him or her to file for divorce. If children are involved, parents can carry significant guilt with them as they move toward splitting up their family.

However, for all of the emotional difficulties that can evolve from the divorce process, there is another factor that can seriously complicate the end of a marriage: money. Particularly when one partner is less involved in the finances of the couple than the other, negotiations about money, property and assets can be challenging.

There are some important steps that all married people can take to understand their money situations, even if divorce is not immediately on their horizons. They may wish to understand how their property is titled and what accounts they share and hold separately from their spouses. They should identify the property that they owned prior to their marriages, as well as the property that was theirs but that they may have shared with their family members. Additionally, an understanding of the couple's financial habits can help people know what their economic picture may look like if they choose to end their marriage.

Emotions and money are both significant difficulties in divorce. However, with the help of family law attorneys, many divorcing parties are able to quiet their concerns about the divorce process and make good decisions about their legal and financial futures.

Source: boston.cbslocal.com, "Breaking Up Is Hard To Do: Understanding Divorce," Dee Lee, Aug. 28, 2017

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Mary Kay Kramer, P.C.
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