Younger married couples are more likely to keep their money in separate accounts than older ones are. That's one of the findings of a recent Bank of America survey. Some 28% of Millennial spouses report that they have separate accounts. They're more than twice as likely to have separate accounts as baby boomers and even Gen Xers.
Written in collaboration with Tuck.com
Financial anxiety and disagreements over money are among the primary causes of marital problems. In a study last year by Northwestern Mutual, over 40% of the 2,000 people surveyed said that financial anxiety impacted their marriage or relationship with their significant other.
It's been less than three months since Amazon founder Jeff Bezos and his wife announced that they were divorcing. As we noted on this blog, the announcement caused some nervousness among Amazon shareholders and people who work for his many other business enterprises.
Splitting up credit cards and credit card debt may not be your top priority as you go through your divorce. However, these things need to be done carefully to protect your credit rating and allow you to have the credit available that you need moving forward.
Many marriages come to an end, but not always in a destructive or financially draining manner. Some couples realize that their relationships are simply not built to last. They decide to end the marriage as quickly as possible. Those who do not have complex assets or custody issues may be able to file for an uncontested divorce, which is typically less costly and finalizes more quickly.
Here in Texas, we have many residents who build lives in the community after immigrating to the United States, often marrying citizens in the process. Of course, these marriages are just as likely to face divorce as any other marriage, and when the relationship ends it often impacts the immigrant spouse in ways that citizens simply never encounter.
When a couple chooses to get married, their assets and liabilities also get married, so to speak, unless the couple uses a prenuptial agreement to protect themselves and their property from potential legal issues. Here in Texas, our community property guidelines make divorce much more complicated in some cases, because couples must divide their marital property equally, without much flexibility.
In many books, films, and television shows, the parent who falls behind on his or her child support obligations often gets used as shorthand to tell the audience quickly that this character is doing a lousy job as a parent and does not deserve sympathy or understanding. Considering just how many parents throughout the country face just this circumstance for completely legitimate reasons, it is a wonder that the writing convention of the so-called "bad" or "irresponsible" parent is still a powerful symbol, especially given the challenging reality of being a parent with child support obligations, especially when times get difficult.
Divorce is an innately messy process, even when both spouses approach the situation with level heads and a commitment to fair dealing. Of course, the reality of the matter is that very few couples are able to put their differences aside and think clearly and practically about dividing their assets and dissolving their marriage.