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Can money lead to divorce?

On Behalf of | Sep 10, 2021 | Divorce Financial Planning |

People attribute special powers to money. They claim it corrupts people, starts wars and causes divorce. Yet, money is nothing more than bits of paper and pieces of metal.

The real problem lies in people’s attitudes to money and, in the case of a marriage, how they communicate about it with their spouse.

Poor financial communication can make divorce more likely

One survey found couples who said that their marriage was great were over twice as likely to talk regularly with their spouse about the finances than those who admitted their marriage was struggling or replied it was “OK.”

The problem with money is that most people feel they do not have enough, so they get very protective over it. That can apply whether you are mired in debt or earn millions.

For example, you have $10,000 left in the pot at the end of the month. You want to put it into a savings account, and your spouse wants to use it to take the kids away. Both ideas are valid, yet if you struggle to discuss finances, one of you will end up upset.

Divorce can lead to more financial disagreements

If you argue about money during your marriage, you will likely disagree about it in divorce. While state law sets rules about how to divide your assets and provides guidelines for judges regarding payments such as child support, there is plenty of room for interpretation.

You cannot rely on the judge alone to give you a fair financial deal. Having help assess and explain your overall financial situation will be crucial to getting the divorce outcome you need. Once you do that, you can move on and take complete control of your finances without having to answer to anyone else.