Disagreements about money not limited to a high-asset divorce
On behalf of Laughlin & Company Lawyers Mediators posted in High-Asset Divorce on Tuesday, April 18, 2017.
Disagreements related to finances cause a significant number of marital problems in British Columbia. Regardless of whether it is a high-asset divorce or a middle-income couple’s divorce, money often brings contempt. It has been suggested that many couples go for marriage counseling when financial counseling is what they really need.
The importance of having a money talk before the wedding is often emphasized. Not doing so could lead to disastrous consequences for couples with markedly different ideas about financial management. Some understanding and compromise will be necessary when two people from different socioeconomic backgrounds come together to share one budget. One may be a big spender while the other partner might have lived a life of saving and strict budgets.
Some advisors suggest that couples may do well to share the financial responsibilities and work together when budgeting and balancing finances to avoid any mistrust if only one spouse takes responsibility for managing family finances. Furthermore, many advise that a bank account for household expenses and other mutual financial obligations should be shared. It is often said that most financial problems in marriages stem from the lack of continuous open discussions about finances that ultimately lead to suspicion and doubt.
It is therefore not surprising that many divorces in British Columbia involve allegations of hidden assets by one of the spouses — especially if it is a high-asset divorce. The answer to such a situation would be to secure the services of an experienced legal aid attorney whose skills include the ability to seek and identify hidden assets. The attorney can protect the rights of his or her client and work to secure a fair and lasting divorce settlement.
Source: kiplinger.com, “5 Signs Couples Need Money Counseling“, Ash Toumayants, Accessed on April 14, 2017
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