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Family law issues involving money can cause disputes

The moment New Jersey residents leave their homes they are subjected to rules and laws -- on the roads, at their offices and more. However, in their homes, most people have loads of rules to keep the kids in line, but very few for the parents. Considering the high number of divorces that follow financial disputes, it may be a good idea to create some grownup rules to address family law in the home.

The two things about which most authoritative family law attorneys and therapists agree include communication and honesty when it comes to money matters. Even when spouses have separate bank accounts, they must both be honest about all income and expenses. According to a survey by the National Endowment for Financial Education, it was clear that many spouses keep financial secrets and that deception is rampant. The survey also revealed 75 percent of those who responded indicated that money-related secrets adversely affected their marriages.

The results of another study released earlier this year showed that married couples who discuss their finances weekly -- at least -- are more able to avoid money disputes than those who only have these talks occasionally. A marriage therapist says the most important discussion is the one about the family's net worth. If spouses are always aware of the total value of their assets after deducting liabilities, they may avoid unnecessary tension or arguments. Sometimes a couple with substantial assets will focus on their liabilities only, not realizing that their overall financial situation is healthy.

Despite the good intentions to be open and honest about finances, some New Jersey individuals may not be able to overcome financial problems in their marriages. Their best options, if all else fails, may be to consult with a skilled family law attorney. With professional advice by a qualified third party, solutions may be found. However, an experienced lawyer can also provide valuable support and guidance related to the filing of a divorce to allow the client to make informed decisions.

Source: The Washington Post, "On money and your honey: Rules for homefront harmony", Michelle Singletary, Accessed on Nov. 25, 2016

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