Finances can create a considerable amount of tension in a marriage, regardless of a couple’s income or assets. Even so, many people might be shocked to find out that financial issues are cited as one of the most common reasons couples pursue a divorce.
How could financial issues lead to divorce?
Expenses and financial decisions made today can have a significant impact on one’s financial future. Disagreements related directly to those decisions are one of the primary reasons financial issues can lead to divorce.
According to Business Insider, some of the financial issues that most often lead to divorce include:
- Different perspectives: If one spouse saves and the other spends, arguments over money can become a constant issue. Mismatched financial goals and perspectives can indicate that spouses have different values and goals in other areas of their lives as well.
- Significant debt: Managing debt on one’s own is often challenging enough but managing it in a marriage can be even more stressful. Stress over finances commonly causes stress in other areas of one’s life, especially in a relationship.
- Hiding assets: This trend, commonly called “financial infidelity,” has been increasing over the years. Individuals who report that their spouse hid assets or accounts during the marriage also report that they questioned the trust they held in their spouse and the entire relationship.
Many couples may try counseling and creating a financial plan to remedy these issues and hopefully reduce arguments. However, constant arguments and lost trust can take a toll on a marriage, especially when related to finances.
Financial issues existing in the marriage might continue after divorce
Individuals need to get their finances in order during the divorce process, especially if finances were one of the reasons they sought a divorce in the first place.
However, the different perspectives and financial values often do not disappear, even when couples divorce. It can help if spouses:
- Make sure they disclose all assets in the property division process;
- Include financial rules in the parenting plan; and
- Divide debt responsibilities equitably during divorce proceedings.
Dealing with financial tension can be difficult during the marriage, as well as after the marriage ends. Divorce can dissipate that tension slightly and give both spouses more financial independence and control over their future.