Did you know that over half of all couples go into partnerships in debt? Even worse, 40% of people say that the burden of that debt has a negative impact on the relationship.
According to a study from Utah State University, “fighting about finances is a top predictor of divorce, with couples who fight frequently being 30 percent more likely to divorce than those who rarely argue.”
It is no secret that money causes many problems in a marriage, but what many people do not think about is that gaining more debt is often a way that people try to save a marriage already in trouble. As one of the study’s authors points out, there are times when people go buy new things, like a vehicle, in order to make a marriage happier when in reality they have only added to their debt burden.
At Emy A. Cordano, Attorney at Law, we know that debt is just one of many reasons that people consider divorce. Sometimes, couples are able to work things out. Other times, divorce is really necessary. You can count on the knowledgeable and experienced team at the Emy A. Cordano, Attorney at Law to help when you need a Salt Lake City divorce attorney.
What Is At Stake
We know that longer marriages mean more is at stake, but even shorter ones have a list of issues that must be dealt with. Consider the following assets that must be split in the process of divorce:
- Joint checking and savings accounts
- Joint retirements accounts
- Vehicles
- Mortgages
- Property ownership
- Debt that is outstanding
Yes, even debt that was acquired jointly must be split. Think about those vehicles or real estate that are in both names. If it cannot be decided who will get the property, then it will have to be sold.
Divorce Rates Remain High
The American Psychological Association says that 40 to 50 percent of all marriages in the United States end in divorce. The numbers for Utah are on par with the rest of the country. Aside from asset splitting, there are other important things that need to be worked out. If there are minor children involved, child custody and child support will need to be determined. This can become a highly emotional issue for all parties involved.
There may even need to be alimony payments. These may be short-term or long-term and will have to be worked out by all sides. Often, these payments are made to help one spouse until they can get a job or a vocational education. Other times, these payments are longer which is often the case for longer marriages.
What You Can Do Now
We know that nobody goes into a marriage thinking that it will end in divorce. Unfortunately, sometimes things just do not work out. You can count on Emy A. Cordano to get you through the entire process. We will patiently work through all of the issues involved so you can reach a positive outcome. When you need a Salt Lake City divorce attorney, you can contact us by clicking here or calling (801) 901-8159 for a legal consultation.