Divorce: Disagreements about money are often insurmountable

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Divorce: Disagreements about money are often insurmountable

Money is frequently cited as the cause of many couples in Ontario deciding to go their separate ways. Financial advisors say that clear communication about finances can prevent divorce, regardless of whether a couple chooses to invest, save or spend their money. Every person has different ideas about the handling of personal funds, and when two people get together, communication can help them work out an agreeable strategy to handle marital finances.

Being open about finances includes coming clean about past financial mistakes and spending habits. Only by both parties revealing all can they start discussing the most appropriate way to handle their finances in the future. Such a plan can benefit from playing to the strengths of parties, and addressing their respective weaknesses.

Openness about money in a marriage does not mean each spouse must report on every dollar spent. Contention may be avoided if each spouse has a predetermined amount of money that will be his or hers to spend as they wish. While keeping open minds as to each partner’s spending of their discretionary funds, both spouses must share details that can affect the couple’s financial stability. This includes salaries, credit scores, credit card debt, student loans and more.

Unfortunately, some couples in Ontario are just not able to agree about finances — so much so that some choose to separate rather than live in constant disagreement about money. Anyone who considers divorce may also want to make sure that he or she gets their fair share of marital property. The most appropriate step to take might be to discuss the situation with an experienced divorce lawyer who can provide the necessary support and guidance throughout the legal proceedings that will follow.

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