Money is one of the biggest reasons why couples argue and fight. Thus, it should not be surprising that money-related issues are frequently cited as the reason for divorce. As per a study, couples who argue about money at least once a week are thirty percent more likely to get divorced. Why? Because money and stress go hand in hand. Stress leads to discussions, which leads to arguments, which can eventually become the reason for the divorce between a happy couple.
So, here’s a look at the seven common money-related issues that lead to couples reaching out to divorce lawyers to dissolve their marriage and seek their separate ways.
Different Outlook Towards Money And Finance
Money means different things to different people. Thus, it may not be necessary that your outlook towards finance, savings, money management, spending, etc., will be similar to your partner’s. For example, you might want to invest your monthly savings in the stock market, while your spouse would want it to be kept in a bank account. Similarly, there can be opposing views on many aspects of money, which can cause arguments, fights and become the cause of divorce.
Feeling That Your Partner Is Spending Too Much
As per a study, feeling that your partner is overspending can increase the likelihood of divorce by forty-five percent. This usually happens when one person consciously spends every dollar while seeing their partner spending money without giving any second thoughts. And this is purely based on feelings. The situation gets more troublesome if the partner actually discovers any secret spending of their partner. This can further cause strain in the relationship and the couple moving towards divorce.
Having the Burden of Debt
Debt comes in various forms. It can be due to an unpaid loan, credit card installment, late payment charges, among others. If one of the spouses unnecessarily keeps on mounting debt while the other works hard to pay it off, it can lead to a divorce.
Thus, before taking any loans or credit cards, discuss how the repayment will be made and whose responsibility it will be to pay back the debt incurred to avoid such issues.
Cheating on Your Partner Financially
Infidelity isn’t only of the sexual type. There can also be financial infidelity. And it can be similarly devastating. Financial infidelity refers to hiding financial information from your partner. This includes bank account details, savings, investments, purchases, debts, and other finance-related information. Partners discovering such hidden information can lead to trust issues. This can eventually culminate in couples seeking a divorce. Similarly, asking for money from your partner by telling lies also constitutes financial infidelity.
Combining Financial Accounts
While combining your assets after marriage can be a good thing, there are certain downsides as well. For example, having combined accounts can give you tax benefits in certain cases. However, it can also lead to heated discussions and arguments when one spouse spends more money than the other regularly while having a smaller contribution towards the account.
The issue can be solved and divorce averted by having three accounts, one for yourself, one for your partner, and one for both. By having three separate accounts with clear rules, the chances of financial conflicts and divorce can be minimized significantly.
Not Compromising on Financial Decisions
Sometimes, compromises are needed in life. It is almost impossible for both to be on the same page when it comes to financial decisions, but there is always room for compromise. And it can even save your marriage. For example, one of the partners might not like going out on fancy dinners. Rather, they would like to have dinner at home. At the same time, the other partner might like frequent dinners at restaurants. In such cases, a middle ground of the occasional date night and dinner can keep both parties happy.
Not Opting for Financial Planning Before Marriage
Financial planning is something that every couple should opt for before marriage. It should include decisions regarding how you will be spending your monthly income, the savings type to have, investments, and other aspects of finances. For example, the couple can decide to spend fifty percent of their income on household expenses, thirty percent on savings, and keep the remaining twenty percent as an emergency fund. Having clarity about such things can help prevent any issues from arising in the future.
Financial issues can break the marriage between wealthy couples and couples in debt alike. However, having a clear understanding of each other’s financial outlook, management, goals, and the ability to compromise can help save your marriage.