Can Black Friday Cause Financial Issues that May Lead to Divorce?
In the United States the Holiday Season begins on Thanksgiving and ends on January 2nd. The first day of the Holiday Season has become known as Black Friday, the preeminent shopping day. Named by the retail industry as the day when their bottom line turns from being in the red, a deficit, to being in the black, a surplus. On Black Friday retailers pull out all the stops to get consumers to overspend, and it works. It works so well that many spouses overspend, draining the marital assets, or even worst, acquire credit card debts leading to arguments within the marriage. Financial issues are one of the leading causes for divorce, and one of the main reasons that a married person starts seeking out Divorce Attorneys.
The busiest time for Divorce Attorneys is the first quarter of the year, with January appointments outpacing February and March.
The three reasons behind the rise in the first quarter’s visits to divorce attorneys are:
- Married couple try to use the joy and magic of the Holiday Season to rekindle their marriage, sometimes it works, and sometimes it doesn’t.
- Wanting to give their children one last normal intact family holiday.
- Financial strain from going through the winter holidays.
The financial expenditures during the Holiday Season, starts on Black Friday, ends after New Year, usually push some marriages to the brink of financial ruin. Those heated arguments during high anxiety periods, may escalate to the point of no return.
How to Avoid Financial Arguments with my Spouse?
The best way to avoid financial arguments that jeopardize marriages is to set agreed upon budgets. By agreeing on a financial budget, that includes credit card debt spending, married couples can preempt one of the leading causes of divorce. Credit Card debt, like all debt, incurred during a marriage is usually a shared responsibility by both parties. If the marriage ends in divorce, the couple will divide their assets and liabilities, which also include the credit card debts.
With many couples having a significant difference in income, a prenuptial agreement should be a consideration. Although it sounds like a business transaction, it is not. Marriage is more than an emotional attachment to another. A marriage is a lifetime partnership. A prenuptial agreement takes the guess work out of the financial obligations and expectations of each partner. A Family Law Attorney can discuss the benefits of a prenuptial agreement with you. Benefits that may prevent the leading cause of divorce from braking up your lifetime partnership.
A postnuptial agreement is a lesser known concept that could be the key to saving a marriage that is beginning to falter because of financial matters. Like a prenuptial agreement, a post nuptial agreement is a contract between the spouses that spells out the financial obligations and limits on each. A Post Nuptial Agreement could save a marriage where financial arguments are becoming an everyday occurrence. It is a negotiated agreement between the husband and the wife that states in details who gets what asset and who carried what liability.
You can read more about Pre-nuptial and post-nuptial agreement on our blog page.
Contact Us Today For Assistance
The cost of living in Orlando, or any other major metropolitan area, the cost of living is a significant, and may be a cause for marital discourse and financial worries. Over spending on Black Friday, or any other time throughout the year, can put undue stress on your lifetime partnership, your marriage. For pre-nuptial agreement or any Marital or a Family Law Consultation in the Orlando, Florida area, contact the Arwani Law Firm. Our team of dedicated family law attorneys are available to answer all your questions on the subject of, Pre-Nuptial Agreements, Post Nuptial Agreements . We can help you approach this important document with confidence. Contact us today to find out about next steps.