Disputes about money raise red flags for divorce

On Behalf of | Dec 20, 2018 | Divorce

Financial pressures can undermine marital relationships. Couples in Virginia who fight frequently about spending and debt face a 30 percent higher chance of getting divorced, according to a recent study. Money challenges might confront new spouses right away or arise years later after reckless spending by one or both partners.

A survey by Utah State University that asked couples about their finances and relationships determined that over half of marriages start with debt. Furthermore, 40 percent of indebted couples admitted that money issues caused difficulty within their relationships. Sometimes, spouses played the blame game. Survey results showed that 49 percent of spouses contradicted each other about who was responsible for the debt.

Poor communication about money has the potential to diminish a relationship. The desire to improve the relationship, however, sometimes worsens the financial situation. Someone might reason that a new car will make a spouse happy, but all that the big-ticket purchase actually accomplishes is to increase debts. If couples run into trouble paying their living expenses because debt payments have ballooned, arguments could accompany the financial stress.

Relationship or financial counseling could help a person repair a marriage and improve money management. If such efforts do not succeed, a spouse might then consider divorce. A family law attorney could help by shedding some light into the asset and debt division process. These insights might help a person understand the financial consequences of ending a marriage. If strong emotions prevent coming to terms with the former partner privately, then an attorney could defend the client interests in court while a judge decides the outcome.



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