Stress on relationships due to increasing debt

Debt and financial trouble is one of the leading causes of stress in a relationship. It can feel as if there is no hope, and that there is no way out. There are many reasons why couples get into debt. In Perth, there is currently a growing number of couples defaulting on loan agreements and facing property repossessions.

Being in debt can be scary and overwhelming, so for many couples facing this crisis it’s easy to begin attacking one another and apportioning blame. We are only human, and becoming defensive is a natural instinct to stress.  However, if couples can put these reactions aside and work together, they will often find that it is easier to exit the spiral of debt through a united approach.

There are many reasons why couples in Western Australia fall into debt. For example, one spouse may be experiencing a sudden serious or long-term illness, rendering them unable to work; financial over-commitment, such as large mortgages; unemployment and other contributing factors (such as drinking, drug or gambling addictions) that require professional help and support.

Whatever the reason for debt, know that there is immediate action that you can take. Many divorce and Family Lawyers in Perth see couples separating over the stress caused by finances and debt, so the earlier you get a handle on the issue, the easier and faster it can be tackled.

In order to make a plan, it is important that both spouses are on the same page about the approach they will take, whether it is debt consolidation, sale of assets, reducing outgoings or working longer hours to pay the bills.

If both parties are not in agreement, then even the best-laid plans won’t work and the situation may even become worse. Trust and communication are also crucial here. Both parties must share their concerns and respect the views of their spouse in order to reach a suitable agreement.

Engaging a Family Lawyer for advice can be helpful. They can offer mediation, which is often a great way for couples to share their concerns in a safe space. For more information or arrange a consultation, call the team at Leach Legal today.