It’s no secret that many spouses in Texas and across the country are struggling in marriage. A significant issue in many marriages is financial crisis, especially in situations where spouses are facing a substantial amount of debt. Current data shows that many spouses who carry credit card debt owe more than $7,000. If a pair of spouses is always arguing about money, one or the other may wind up deciding that he or she would rather file for divorce than stay in an unhappy relationship.
Correlation between debt and satisfaction in marriage
One study showed that there might be a connection between levels of debt and levels of satisfaction in marriage. The study showed that couples with the highest amounts of debt were also the spouses who reported the least amount of satisfaction in their marriages. Another study showed that many spouses say that their satisfaction in marriage increased as they were able to pay off debt.
Inability to resolve a specific financial issue or marital problem
It is often possible to get things back on track financially when spouses adjust spending habits or agree to take on no new debt until existing debt is paid off. If a married couple constantly fights about money or is not able to resolve their differences whether money-related or not, it is not uncommon for one or both spouses to decide to divorce. A spouse who has made this decision will want to keep in mind that the financial arguments that were occurring during marriage may carry over into divorce proceedings.
Protecting financial interests in a divorce
Texas is one of only nine states in the country that operates under community property guidelines in divorce. This means that, in most cases, a family court judge will split all assets 50/50 between spouses. Additional issues, such as liabilities, child support or alimony may also have a significant impact on a settlement. It is a good idea for any spouse concerned about financial issues in a divorce to request a meeting with an experienced family law attorney before heading to court.