Protecting What You Value Most
5 ways that money-related conflicts can lead to divorce
No matter what your economic circumstances are, financial issues can put an insurmountable strain on your marriage.
Here are five ways that conflicts involving money can affect a once-happy union and lead to divorce.
1. Different financial priorities
Like so many couples, you may have entered your marriage without identifying financial priorities. If you and your spouse are on different pages concerning major goals, such as buying a home or traveling to a long-desired destination, marital discord will eventually surface. If you do not learn how to compromise, differences in financial priorities will take their toll on the marriage.
2. Overextended budgets
When you marry and combine incomes, poor management will likely lead to poor spending habits. High earners often find themselves in debt because they tend to spend most of their income. An example is purchasing too much house. There is not enough left over to enjoy life outside the home.
3. Financial infidelity
Feeding a gambling addiction, hiding purchases or keeping a secret bank account are examples of financial infidelity that can ruin a marriage.
4. Combined bank account stress
When two people combine their bank accounts after marriage, financial chaos can develop. The problems usually begin when one party continually spends too much out of the joint account.
5. Financial control issues
The issue of financial control often arises later in a marriage when the couple has reached the high-net-worth category. For example, a wife who has devoted her time to raising the children is made to feel that her contributions toward building the family wealth have been insignificant. Conflict grows over who deserves to own what and the marriage begins to break down.
Lack of prior planning
In short, couples often fail to discuss financial matters before marriage. When money problems arise, they can become too overwhelming for the marriage to last.