People have varying priorities around money. When a couple commits to marriage, they’re generally committing to at least sharing some of their finances and obligations.
It’s not uncommon for couples not to know much about their partner’s financial circumstances or spending habits, even after they marry. The truth is that many divorces stem from financial disagreements. Outlined below are some of the top money-related reasons for divorce.
Different priorities
Sometimes spouses find that they have different financial priorities. One spouse may want to travel the world over the next few years. The other partner may be determined to buy a new home and start a family.
Generally, couples work it out and come to a compromise, but that’s not always the case. If a couple’s financial priorities diverge too much, this can put tremendous strain on the marriage.
Hidden debts
Partners don’t necessarily have to share every minute detail of their lives, but big secrets can cause disputes. As mentioned, couples generally agree to share at least some financial obligations, and this includes debts. If a partner has been spending large amounts and racking up debts without telling their spouse, it can create tension – especially when that spouse finds out.
A loss of independence
Sharing bank accounts and other financial interests can be a significant and overwhelming change. A spouse may have worked hard for their money over the years and feel that sharing it with someone (even their spouse) is a burden.
If you’re contemplating divorce due to financial reasons, it’s important to protect yourself. Seeking legal guidance will help ensure that you obtain a fair settlement.
