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Money Issues That Lead to Divorce

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One of the most common causes of divorce is money. In fact, money is the #1 thing couples argue about. Money and stress are related. We all need money to survive, and it can be frustrating when we don’t have enough of it. Sometimes the issue is that the other spouse spends too much of it. This can be a huge issue in a marriage, especially when one spouse is frugal.

Money issues can happen in a variety of ways, but if left undiscussed, they can lead to one outcome: divorce. Here are some common money issues that can break up a marriage.

Spender vs. Saver

It is not uncommon for marriages to have a saver and a spender. One spouse tries to save every cent, while the other freely indulges without a thought. There is bound to be tension, as the spender thinks that the saver is too cheap, while the saver wants the spender to stop spending so much money.

Credit Card Debt

Using credit cards to benefit the household – such as furniture and groceries – is one thing, but when one spouse blows thousands of dollars on unnecessary purchases, such as designer clothes, collectibles, electronics and other frivolous items, it can cause a lot of friction in the marriage. This is especially true if it is a joint credit card, because then both spouses are on the hook for repaying the debt.

Different Financial Goals

It can be frustrating when the couple has different goals. If one is saving toward the home while the other wants a vacation, it can cause problems in a marriage. A couple should have shared goals–things that they are both working toward. Without that common ground, priorities get lost in the shuffle.

Financial Infidelity

Sexual infidelity can kill a marriage and so can the financial kind. Lying about money can quickly break up a marriage, which is supposed to be based on honesty and trust. Secret bank accounts, hidden purchases, gambling addictions and undisclosed debt are common types of financial infidelity.

Unexpected Expenses

Unexpected expenses such as medical bills, car repairs and home repairs can cause you to spend thousands of dollars you had not planned on spending. This can put a huge dent in your budget and cause you and your spouse to argue. However, almost every couple experiences this, so talk it out and come up with a plan.

Impulse Buys

Both spouses should be in the know when it comes to major purchases. If your spouse comes home with a new car or boat, you have every right to be mad. An impulse purchase costing tens of thousands of dollars can ruin a marriage.

Seek Help for Your Divorce

A lack of money can cause a lot of issues in a marriage. Whether you’re racking up credit card debt or making major purchases without your spouse’s consent, you’re engaging in actions that can cause your marriage to fail.

Money issues are no laughing matter. Stop living with the stress of your spouse’s poor financial skills. The Dade City & Zephyrhills divorce attorneys at Mander Law Group can guide you through the process with compassion. To schedule a consultation, call (800) 557-0411 today.

 

Resource:

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

https://www.manderlawgroup.com/updating-beneficiaries-after-a-divorce/

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