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Money matters among the most dangerous for couples

On Behalf of | Oct 19, 2018 | Divorce |

Money is a major issue when it comes to the likelihood of divorce for any particular couple in Washington. According to research published by the Federal Reserve Board, a couple’s likelihood of divorce increases as the difference between their credit scores increases. A survey conducted by SunTrust Bank indicated that the leading cause of stress in relationships is money. Of the more than 2,000 U.S. adults surveyed, 35 percent said finances were the primary area of trouble with their significant others.

Couples might be more likely to hang on during times of uncertain financial futures and tight budgets. The American Academy of Matrimonial Lawyers said that the number of divorces tends to increase during times of rapid economic growth. By a margin of nearly 2 to 1, the attorneys polled by the organization reported that the number of divorces usually declines only during economic downturns.

Wealth may not be as directly tied to marital success as credit score. The Federal Reserve Board study showed that the people with the best credit scores had the highest likelihood of forming committed, long-lasting relationships. The better a person’s credit score was and the more he or she was established financially, the less likely the person was to leave a relationship after a few years.

Finances are among the most common major issues in Washington divorces. An attorney with experience in divorce law might be able to help people who are approaching or going through divorce by identifying marital and separate property or by negotiating the terms of property division with the other spouse. An attorney might draft a simple divorce in some cases and assist with the filing of necessary legal documents. In other cases, an attorney might represent the client during child custody hearings or pursue alimony payments on the client’s behalf.