The Biggest Money-Related Reasons People End Up Getting Divorced

Money related issues are one of the number one reasons couples end up seeking a divorce.  For many, it is the number one cause of arguments between two married individuals. This is no surprise as, regardless of whether a couple is wealthy or in debt, many have financial disagreements.

Below, we discuss some of the biggest money-related reasons people end up getting divorced:

Opposing Views Of Money

One of the reasons financial issues become a problem is because couples fail to discuss these issues before getting married; only to find out afterwards that they have completely opposite views of money. Sometimes this leads to a “spender” and a “saver,” for example, who are continually at odds with one another. This can especially become an issue if a couple starts out in debt, which many do. This sometimes also adds to the anxiety which, in turn, can make discussing finances even more daunting.

Credit Card Debt

Credit card debt is another issue that sometimes comes between people, especially when one individual has worked overtime to pay off their own debt; only to have their spouse rack up new debt that they will both be responsible for. In fact, the larger a couple’s debt, the more likely money becomes an issue that they fight about.

Costly Financial Decisions – Alone & Together

Financial infidelity can have a devastating effect on marriage, and include secret purchases, costly addictions, and secret bank accounts. And when two people make costly spending decisions together, this can also add to the tension. One example is purchasing a house that is simply too expensive to sustainably stay in, as well as major purchases, such as a new car, or even major unexpected expenses, such as having to care for an elderly relative, a medical emergency, or even the wedding.

Bank Accounts & Feeling Marginalized

For some couples, combining bank accounts causes so much stress that advisers even go so far as to recommend keeping separate bank accounts so as to avoid that conflict. In addition, loss of financial control can end up causing some individuals to feel marginalized in the marriage, as though they do not contribute enough to the family wealth. This is sometimes the case for women in high net worth situations, for example.

Contact Our Florida Divorce Attorneys Today

Family court issues are some of the most stressful legal issues in the courts. Given that your personal and family’s financial well-being is at stake, you want to make sure that you work with the very best family law attorney in order to ensure that you are protected. Contact our experienced Tampa family attorneys at HD Law Partners today to find out more about our legal services.

Resources:

https://www.independent.co.uk/news/business/news/money-marriage-end-divorce-day-relationships-personal–finances-slater-gordon-a8147921.html

https://www.businessinsider.com/divorce-money-issues-financial-relationship-couple-2019-7