The Biggest Money-Related Reasons People Seek Out Divorce
Money related issues are frequently the reason that couples end up getting a divorce. In fact, according to some studies, money concerns are the leading cause of all marriages falling apart. Whether you are wealthy or in debt, money and stress often go hand-in-hand, and budget issues can challenge any couple.
Below, we discuss some of the most common money-related issues that lead to divorce:
Different Views Of Money & Financial Goals
One of the main challenges is that couples rarely discuss financial situations before getting married and will sometimes find out later that they have completely opposite views towards money. For example, a spender and a saver can end up in a tense situation with each other, as can a couple who finds out that they have completely different goals what comes to purchasing a home or spending money on travel, for example.
Hidden Debt
Credit card debt is another point of contention for couples, especially if one has worked to pay off debt and breakeven; only to have a partner then rack up a significant amount of debt that could be distributed in divorce. This is especially a point of contention if financial infidelity has occurred, where there might also be undisclosed debt, costly addictions, secret bank accounts and hidden purchases.
Taking On Large Expenses Together
Similarly, when people get married and make a series of poor spending decisions together, this can also put a serious strain on the relationship. One example is taking on too expensive of a house. In addition, large unexpected expenses – such as home repairs or caring for an elderly relative or even spending too much on the wedding – can also create stress and strain.
Combining Bank Accounts
Sometimes stress can even come from combining bank accounts; so much so that advisors might even suggest keeping them separate in order to avoid conflict.
Loss Of Control & Feeling Marginalized
Loss of financial control and one spouse feeling marginalized – as though they do not contribute enough to the financial well-being of the marriage – can also create stress between a couple. This can sometimes become an issue for women in higher net worth situations, in particular.
Contact Our Texas Family Law Attorneys If You Have Questions About Divorce
Regardless of your reasons for thinking about divorce, financial issues are often not only stressful during the marriage, but can become even more so during the divorce unless you work with an attorney who ensures that you are financially protected throughout and after the process. Contact our Brownsville family attorneys at Colvin, Saenz, Rodriguez & Kennamer, L.L.P. today to find out about our divorce legal services and the peace of mind we can offer you.
Resources:
independent.co.uk/news/business/news/money-marriage-end-divorce-day-relationships-personal-finances-slater-gordon-a8147921.html
businessinsider.com/divorce-money-issues-financial-relationship-couple-2019-7
