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Money matters and marriage in California

According to statistics, there is up to a 50 percent chance of a first marriage ending in a divorce. Those who are in their early 20s are the most likely to get divorced while those who are under the age of 20 also likely to get divorced. The likelihood of a divorce increases each time an individual gets married and decreases every five years at age 25 and older.

Financial matters make up one of the top causes of stress in a relationship as well as one of the top causes of a divorce. Therefore, it is recommended that any couple who is thinking about getting married have an honest conversation about their finances. Even if a couple doesn't agree 100 percent on how to handle money, this conversation could help each person create strategies to come up with plans that work for both.

Couples are urged to avoid ignoring any financial issues that one or both may be facing. Furthermore, it may not be a good idea for one person to control the finances for the couple. Before getting married, it may be a good idea to discuss who pays which bills and whether personal debts may be lumped together with joint debts after the marriage is official.

If an individual is going through the divorce process, he or she may wish to talk to an attorney. An attorney may be able to help that individual take steps to protect his or her finances going forward. For instance, legal counsel may help a person obtain alimony or child support payments to help maintain a basic standard of living. It may also be possible to obtain some or all of a joint retirement account to achieve greater financial stability later in life.

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