A vast number of studies and a seemingly endless sea of family psychology experts assert that money is one of the biggest points of conflict in marriages, and it is often a root cause of divorce. Experts say that if you are not careful, financial difficulties throughout the course of your relationship can ultimately lead to the end of your marriage, and these difficulties have the power to severely divide a couple and bring forth residual waves of resentment that linger long after the marriage is over.
Financial Troubles That Often Cause Divorce
A resounding opinion from many marriage experts is that the key is that spouses should assess and discuss each other’s attitude about money in the very beginning stages of a relationship, in order to prevent bigger problems down the road. For some couples, however, it is too late for that initial discussion, and they are forced to deal with the damage after it happens. Whether you are in the beginning stages of your marriage and wish to avoid money-related drama down the road or have been married for years and are just now realizing the major financial flaws in your relationship, chances are one of the following common financial areas is responsible for the conflict:
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Wedding extravagance – Unless they have thousands and thousands of dollars to spend on a wedding budget, it is likely that a couple will feel the sting (and pressure) of hefty wedding expenses. Couples who end up having money problems throughout their union often see signs of trouble at the very beginning, during their wedding planning stages. One spouse may choose to spend a large sum on the reception, while the other would prefer to spend that amount on a down payment on a new home as newlyweds. Differing views on the wedding budget can cause a major rift in a marriage, especially if there is a lack of communication, or one spouse has a disregard for the other partner’s concerns.
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Different money goals – Along with differing mindsets on the wedding budget, different financial priorities of any kind can create significant division between spouses. This is an issue that can build over time as the numbers take their toll on both parties. One spouse may be more concerned with sending their child to private school, while the other may wish to invest in a new car for the family. Whatever your money goals, it is crucial to communicate them with your spouse, and if your financial priorities do not match, consider meeting in the middle and seeking out help from a financial advisor or consultant.
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Secret spending – Keeping purchases secret from one’s spouse can be seen as a form of infidelity. Whether these purchases are large or small, they have the potential to cause serious damage. A spouse with a gambling addiction or a habit of buying only the finest designer fashions for their wardrobe can end up spending a great deal of the marital funds, and this can be even more harmful if these habits or lifestyles are kept entirely secret. When one spouse leaves the other in the dark about significant expenses, particularly those paid for with a secret account, marital trouble may be on the horizon.
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Joint accounts – For many couples, shared bank accounts seem to be the natural course to take after the wedding. Conventionally speaking, joint bank accounts are practical and can be convenient, but they have also proven to be a major source of marital stress for some couples. If possible, and if both spouses are willing, experts suggest having one joint account for bills and specific shared expenses that have been clearly communicated, and then separate accounts for each spouse. Depending on your circumstances, this approach may even offer tax-related advantages.
Contact a Lombard Divorce Attorney
If financial troubles have caused your marriage to dissolve, it is time to speak with a DuPage County divorce lawyer. At Mevorah Law Offices LLC, we understand how difficult it can be when financial infidelity is discovered or the realization that you and your spouse have different money priorities sneaks up on you. Protect your financial interests and your rights by calling our office today at 630-932-9100 and scheduling a free consultation.
Sources:
https://www.businessinsider.com/divorce-money-issues-financial-relationship-couple-2019-7#spending-too-much-on-the-wedding-10
https://www.psychologytoday.com/us/blog/insight-is-2020/201212/how-financial-problems-stress-cause-divorce