Money Management Problems often a Contributor to Divorce

Posted on in Divorce

b2ap3_thumbnail_money-issues.jpgMultiple studies conducted by various experts, over many decades, have revealed the sad truth that serious financial trouble is an overwhelming predictor for separation and divorce for couples around the globe. The American Psychological Association (APA) reports a number of studies that have proven the stress brought on by financial struggle can cause even the strongest relationships to fall apart, making it crucial for everyone, regardless of their income level or line of work, to address their money management habits early on in a marriage.

Clashing Money Management Styles

Looking at the way you and your spouse spend, save, and budget money before the marriage and in the early stages of your union can make a significant difference in how well your relationship fares over time. This is especially important when you and your spouse experience additional stressors throughout the course of your marriage, adding more pressure to the existing tension. Such issues can increase the number of arguments between you and your spouse, and ultimately affect the longevity of your relationship.

Financial tension between a couple typically begins when each spouse manages money differently, particularly when poor spending habits are present. This can include consistent loans and high revolving lines of credit, or simply a penchant for expensive things that are not affordable, given an individual’s income. When one partner’s monthly debt is higher than the amount they take home each month, these problems eventually rise to the surface during the marriage and continue to be a source of conflict over time.

Preventing Financial Stress from Wreaking Havoc on Your Marriage

Couples should communicate with one another about their financial standing to prevent money issues from creating excess stress in their marriage. Discuss how you both spend and save money, how your individual incomes and budgeting needs dictate the way you manage your finances, and what you can do to fix any existing financial strain.

Additionally, it is a good idea to set financial goals and give yourselves deadlines for meeting those goals. For example, identify one or two specific problem areas, brainstorm possible solutions, and then set a date you intend to solve the problem by. Last but not least, turn to various support systems, including other friends and family members who have been where you are, or self-help groups or financial advisors who can help steer you in the right direction.

If money and other circumstances have taken their toll on your marriage and you are in the midst of a potential divorce, you will need professional assistance to help you walk through the divorce process. Be sure to speak with a qualified Kane County divorce lawyer to equip yourself with the knowledge and resources you need to protect your finances and your rights. Call Shaw Family Law, P.C today at 630-584-5550 for a consultation.

 

Sources:

https://www.psychologytoday.com/blog/insight-is-2020/201212/how-financial-problems-stress-cause-divorce

http://www.apa.org/monitor/2013/04/marriage.aspx

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