Money Arguments Biggest Predictor for Divorce, Experts Say

 Posted on January 04,2016 in Family Law

There are a number of reasons that couples may divorce: infidelity, disagreements about children, in-laws . . . the list is endless, really. However, experts have long-thought there to be one very important predictor when calculating a couple’s risk for divorce, and it just so happens to be an issue that any couple can—and likely will—face at some point in their marriage: money troubles.

Money Problems: Not Just for the Financially Troubled

While most people assume that money troubles are restricted to financially troubled couples, the truth is that money problems often extend to couples well within the middle income and higher income brackets. In fact, financially secure couples are often more likely to experience arguments about finances because they have the means to commit financial infidelity, whereas financially troubled couples often do not.

In financial infidelity, one spouse or the other has a financial secret — it could be a credit card (or a few), a bank account, a loan, or any other form of credit. Experts say that, oftentimes, these secret accounts are created to avoid arguments about money and spending habits. And at least one out of 10 say they do so because they feel their spouse is a “financial bully” who controls assets, sets budgets, or restricts spending in an unfair way.

How Financial Infidelity Can Lead to Financial and Marital Ruin

The problem with financial infidelity is that it cannot last for long. Even if the spouse with the secret account is able to maintain for a while, there almost always comes a point in which life gets in the way of a payment or two. If the spouse who handles budgets is unaware of a secret account, they are not equipped to handle the debt before it gets out of control and, before they have the chance to fully process it, the couple is often already in financial ruin.

Even if the owner of the secret account stays current, the truth is still likely to come out at some point. It could be as innocent as not getting home to check the mail before your spouse, or a call to your spouse’s phone number to inquire about services. However the betrayals is discovered, the spouse kept in the dark is bound to feel anger, hurt, and resentment that can (and likely will) become the source of many arguments.

Dealing with the Aftermath of Financial Infidelity

When a couple finds themselves in the midst of financial infidelity, they are often in debt. A credit counselor may be able to help find a reasonable solution to the money problem, but this may not offer a way of dealing with the undercurrent of emotions or the core issues that led to financial infidelity in the first place. Some couples may be able to work through those problems with time, but for others, divorce may be inevitable.

If you are planning on filing for divorce and are experiencing financial troubles, it is important to ensure that your marital debts and assets are given careful preparation, consideration, and division. Do not attempt to do this alone. Instead, contact a skilled DuPage County divorce attorney. With more than 200 years of combined experience, our award-winning attorneys at Mevorah & Giglio Law Offices, can help. Call 630-932-9100 for your free consultation today.