Some experts say divorce can ruin couples financially
Sun Nov 15, 2009, 1:53 am | 2 Comments
We all know divorce has huge effects on spouses’ emotional life, not to mention the kids’. More often than not, kids are the biggest losers especially when they are at teenage or younger. However, most couples don’t realize that divorce can also be among the worst and ruinous financial moves anyone can make. The more obvious financial losses are the two major costs or more like culprits: legal bills and the sudden need for an additional residence. These two things affect far more people financially than anything else in a divorce.
“The risk that any marriage will end in divorce is about 45 percent. The chances fall to about 40 percent for first marriages and decline further for college-educated couples, people from intact families and couples who share the same religion,” says David Popenoe, a professor of sociology emeritus at Rutgers University.
It can be detrimental to any marriage if both spouses are big spenders. “Success in marriage is only partly attributable to compatibility. It’s about how you manage those financial differences and whether you have a style for doing so that is successful,” says Gregory A. Kuhlman, a New York City psychologist who runs marriage success training programs with his wife, Patricia Schell Kuhlman.
In a Nutshell
Think about what the professor found in his research. I repeat it one more time: “Divorce declines for 1) college-educated couples, 2) people from intact families and 3) couples who share the same religion.” Does that mean your best bet to stay together till death do you apart are the three things the good professor pointed out. Can you do something about it? Would you do something about it now before it’s too late?
Before you talk to your divorce lawyer after you have talked to your marriage counselor, I am sure, you would be wise to talk to a financial adviser. If you don’t have a financial adviser, then Find a good Financial Adviser. If you have some financial problems you can Find a good Credit Counselor as well as Find a good tax preparer.
What do you think?
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