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WHY THE FINANCIAL IMPLICATIONS OF DIVORCE ARE NEVER EASY
A separation is a difficult stage for anyone. It may affect your career, it may affect your children, but overall the most difficult thing is dealing with any monetary issues and financial complications.
Money problems can arise in completely different ways. Your partner or you may have always had financial problems, either due to low income or excessive consumption. It can also be that the money problems arise suddenly, for example due to a company bankruptcy or an illness. With the first two variants, the monthly expenses are in the long run higher than the income.
A very simple calculation, it seems. In the first case, unemployment, illness or even studying may be the reason for low earnings. Badly paid jobs can also affect financial balance. Occupations in the social or cultural sector in particular are often underpaid so when people divorce, they are dealing with their own finances but without the financial aid of the other partner.
The repayment of debts reduces the monthly income even further. A downward spiral of money problems in the relationship or marriage, from which many can no longer find a way out. In addition to this, you may need to follow certain legal procedures which can be costly. You may have looked at divorce financial settlement to see how you can make it work for all parties.
If you do not want to divorce, it is important to look at ways around the issues and above all, the cause of these financial issues. You can look to change your ways, and get financial advice which will be hugely beneficial to you in the long run.
Dependency Due to Money Problems in Partnership
If you are in a financially dependent relationship, then you may find that there has been an imbalance within the partnership. One partner falls into the debt of the other. Arguments about money in relationships are never good and therefore it leads to alienation and inevitably divorce as we have already spoken about.
More and more unexplained misunderstandings mean that a separation because of money becomes more and more inevitable. Perhaps even both partners have money problems in the relationship or marriage or a joint company has just gone bankrupt, problems pile up in all corners. It really leads to you a path of destruction which must be avoided. If one partner is in debt, the other should not also get into debt just to aid the other.
Set Limits for Money Problems
Setting your own limits is difficult, but absolutely necessary. If you always only say yes and let the money tap run with every request, in extreme cases you can pull people into your life who take advantage of good-nature.
Legally you are not responsible for your partner’s poor choices or their debts, unless the debts are joint. Therefore, as with any partnership, you should try to keep certain finances separate and set your budgets as you would if you were single. Then any joint bills or finances can be secured and should be adhered to.
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