Divorce is perhaps one of the most stressful things to go through in life. Spouses can choose to go their separate ways for different reasons, including money. Finances play a significant part in marriage, and accordingly, can cause its dissolution.
Here are four ways money can lead to a divorce:
Different attitudes on money
Of course, people have opposing attitudes toward money, particularly on how to handle it. For instance, some people believe in saving, some in investing and others don’t mind spending. If a saver marries someone who loves spending, they may have fights. Failure to resolve such disputes and create a plan that works for both of them can lead to a divorce.
Different financial priorities
People have different goals that they plan to achieve by a certain time. Married couples don’t need to have the same goals, but they can decide how to achieve all. For example, they can buy a home first and then start to travel after some time.
Issues may arise when parties don’t want to compromise, or one feels like their priorities are overlooked. Couples should have this discussion before marriage to find the best solution sooner.
Being in debt
Unfortunately, most people enter marriages with debts. A spouse in this category may forgo some of the marital financial goals to have enough to pay debts. If this goes on for so long, fights may arise, and can lead to a divorce.
Financial infidelity
Hiding bank accounts, assets, purchases, credit cards or gambling habits is another financial behavior that can contribute to a divorce. This is because financial infidelity can break trust, just like having an affair.
Understanding how finances can lead to a divorce is vital for couples. If you are going through a divorce, you should obtain adequate information to protect your interests.