On behalf of Cobert, Haber & Haber Attorneys at Law posted in Divorce on Monday, November 16, 2015.
A New York couple might use a prenuptial agreement to prevent some financial issues from being problematic during their eventual marriage. However, battles over money can be difficult regardless of pre-marital planning. Early financial stresses can be significant predictors of divorce, especially if a couple argues quite a bit over these issues.
In a marriage involving a prenuptial agreement that is sought primarily by one partner, there may be a sense of control or manipulation underlying the legal action of drawing up the plan. Such issues could carry over into the marriage in the form of financial bullying. Statistics indicate that one of every 10 spouses considers their partner to be a financial bully through manipulation or unfair control of household resources.
Whether bullying and manipulation or other issues are at the root of financial difficulties, further problems can manifest as the affected spouse responds through secret financial activity. For example, the individual might use ATM activity to obtain cash that can be stored away for certain financial needs. Others might create undisclosed bank accounts to maintain some sense of financial control. While these actions might seem harmless, a hidden credit card could be another matter. A spouse who racks up debt could affect the other party’s credit score, which could lead to a serious confrontation as the matter comes to light.
Credit counseling is often used to help marital partners deal mutually with their financial difficulties. However, a marital situation that involves a lack of trust could move toward divorce in spite of counseling. While a prenuptial agreement might cover issues such as the handling of a business or other assets held prior to marriage, it might not take mutual debts into account. The assistance of a family law attorney might be important for a divorcing spouse in determining how to handle such debts to minimize future negative consequences.
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