Have financial differences made your marriage unworkable?

Have financial differences made your marriage unworkable?

On Behalf of | Aug 24, 2022 | Divorce |

Unfortunately, not every marriage is built to last. Some couples drift apart over time and others disagree on fundamental issues.

Disputes over finances are one of the leading causes of divorce in the U.S. Which financial matters are couples most likely to disagree on?

Undisclosed debts

Couples aren’t always fully transparent about finances until after they have married. If one spouse is in a tremendous amount of debt before entering the marriage, this can impact the relationship as it progresses. For instance, a bad credit rating may affect a couple’s ability to get a mortgage for a new home. Debt collectors may also appear out of the blue, creating an easy atmosphere at home.

Different priorities

It’s natural for spouses to want different things in life. Sometimes, the ambitions of spouses don’t become obvious until after the marriage. For instance, one partner may want to travel the world, while the other has already done this and would rather settle at home and focus on starting a family. It costs money to do both and if no compromise can be reached, then divorce may be the only feasible option.

Shared accounts

As single people, you and your spouse have been used to managing your own finances. Many couples opt to open a shared bank account, which can be a big adjustment. This doesn’t work for everyone, and it can often create tension among married couples, especially if spouse makes impulse purchases or has careless spending habits.

If you and your spouse have irreconcilable differences, then you may want to think about seeking some legal guidance. This will help ensure that your rights are protected.