Money issues are among some of the biggest marriage killers. When a couple is experiencing trouble with their finances or cannot see eye-to-eye on spending habits, this can create a lot of tension and can ultimately lead to the demise of the marriage. To overcome these issues, it is important for spouses to have an honest conversation about their finances, including their goals, habits, and concerns.
Money Troubles and Divorce
Finances are often a tricky subject for people to discuss, which is why so many couples tend to find themselves in troubling situations after tying the knot. To avoid these issues, it is crucial to have these important conversations before getting married, so you have a better understanding of one another’s finances and the compatibility of your goals.
Here are some common financial problems that can end a marriage:
- Debt: When one spouse has substantially more debt than the other, it can bring down the couple as a whole. There will be a difference in spending capabilities and the debt-free spouse may question the other’s spending habits and financial responsibility. Thankfully, the debt brought into a marriage is not subject to distribution in a divorce. However, any debts acquired during the marriage will be split between both parties.
- Power dynamics: Power plays can happen in a marriage when there is financial inequality. For example, if one spouse has a job and the other does not, one earns significantly more than the other, or one spouse comes from a wealthier family, these can all skew the power dynamics of the relationship.
- Personality: Some people are spenders and some people are savers. When there is a difference in personality, it can spark conflict in a marriage. It is important to discuss these differences early on.
- Family: It is not uncommon for families to help each other financially. A spouse’s mom may need help buying a car or their sibling may need assistance paying rent. These issues can sometimes interfere with the financial needs within the marriage, especially if they are recurring. While there is nothing wrong with helping extended family members, it is important to set boundaries.
Schedule a Consultation with an Experienced Divorce Lawyer Today!
If you are considering divorce, do not hesitate to reach out to the family law team at Arnel Law Firm for the experienced guidance and advice you need. With more than 35 years of experience on our side, you can rest assured your case will be in good hands when you choose to work with us.
Reach out to our law office today at (718) 550-3024 to schedule a free initial consultation.