There are studies indicating that if 50 percent of marriages end in divorce, then 45 percent are the odds of a marriage ending in divorce due to finances. A full disclosure of what debt each partner brings into marriage/long-term relationship is a necessity. Finances are not being handled, the way they are suppose to be handled. Couples planning to get married should have better communication and plan on who will be in control of the finances once they are married, and what financial goals each partner has. Budget control is a huge part of this too. Over spending does not help you get out of the hole you are in.
According to a study, women are more likely to hide debt from their partner. 1 out of 10 women in a survey reported that they had a debt or a credit card of which their partner was not aware of. Remaining open and honest about bank accounts, credit card balances, and especially spending, are a huge necessity for good financial relationships in marriages.
For more information on bankruptcy in or around the Houston area, schedule a free meeting with a bankruptcy lawyer from the Rashid Law Firm by calling us at 832-209-8833 to schedule a free initial consultation.