Henry + Dow
Call Today for a Consultation
Tulsa 918-933-4333
OKC 405-605-0681

Settle For Nothing Less
Than Success

Reducing divorce risk with proactive debt management

It's no secret that money can be the source of contention and anxiety among married couples in Oklahoma. In fact, a new survey by a financial firm reveals that more than half of all couples go into a relationship with existing debt. Furthermore, 40 percent of the individuals questioned believe financial stress has negatively impacted their relationships. Money woes can also contribute to marital fights, disagreements over who is responsible for debt problems, poor communication and difficulty addressing money matters in general.

Having regular disagreements about debt is also a leading predictor of divorce. A Utah State University study suggests that spouses who fight frequently about money are 30 percent more likely to split. Part of the problem may be an underestimation of debt obligations, something 25 percent of Americans do with student loan responsibilities and 37 percent do with credit card expenses, according to the Federal Reserve.

Nipping financial issues in the bud sometimes requires couples to get past certain lifestyle concerns. This might mean trading in a fancy car for a more practical model and making other reasonable adjustments. It's also advised that married partners put everything on the table by determining what's owed and who owes it.

To pay down debt, couples may want to tackle smaller obligations first to build up a steady momentum. Another strategy is to pay off larger debts before moving onto smaller obligations to reduce burdens from high interest rates. In addition, some couples benefit from consolidating multiple debts into single payments.

Couples with existing debt could potentially reduce their risk of divorce by discussing a prenuptial agreement. This type of document requires both parties to disclose all of their existing assets and liabilities. Responsibilities with debt repayment can also be spelled out in a prenup to further reduce money pressures. Should a marriage come to an end at some point, an attorney could include language in the divorce decree that clearly establishes financial obligations for each party.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Get Answers Today

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Tulsa, OK Office
1616 South Main Street
Tulsa, OK 74119

Phone: 918-933-4333
Fax: 918-512-4461
Tulsa Law Office Map

Oklahoma City, OK Office
1611 N Broadway Ave
Suite M
Oklahoma City, OK 73103

Phone: 405-605-0681
Fax: 405-594-6004
Map & Directions

Norman, OK Office
480 24th Avenue NW
Suite 200-5
Norman, OK 73069

Phone: 405-605-0681
Fax: 405-594-6004
Map & Directions