Why Does Financial Conflict Often Lead to Divorce? 

 Posted on October 27,2021 in Family Law

Differences in money management strategies are notorious for contributing to divorce rates. Couples frequently disagree about how to manage money and financial conflict is one of the most common reasons cited for divorce. In addition to causing conflict within a marriage, the inability to effectively manage money can have long-term repercussions, affecting couples and individuals long after a marriage has ended.

Disagreements about money are not a sure-fire sign that a relationship is doomed, but if you and your spouse are constantly struggling to resolve money issues, you may want to consider speaking with an Illinois divorce attorney.

Common Marital Financial Issues

Because there is no one right strategy for managing money, couples who discuss each other’s attitudes towards spending money right from the beginning of their relationship are more likely to have a successful marriage. They avoid unpleasant surprises and have an easier time agreeing on how to handle their finances through their relationship.

Unfortunately, even in the best of circumstances, people often surprise each other by having or developing attitudes or behaviors around money that can cause serious damage to a relationship. Some of the most common problems with money revolve around the following issues:

• Shared accounts - A joint bank account can be an easy way to manage marital finances, but not everybody wants to have one. Keeping track of each spouse’s spending and saving through one account can prove more stressful than convenient. Some couples resolve this issue by sharing a bank account for expenses that are exclusively related to the marriage, such as mortgage payments and children’s needs, but keep separate accounts for their own spending.

• Hidden spending - Whether a spouse spends a large amount of money all at once, or makes small purchases here and there, secretly spending money is understandably seen as a form of serious dishonesty. Often, gambling or substance abuse issues are at the root of hiding certain spending, and spouses are often horrified to find that their partner has taken out substantial debt without their knowledge.

• Extravagant weddings - Weddings are expensive endeavors, even when done with an eye towards saving money. Couples often spend far more on their wedding than they want to because of pressure from family and friends, or a desire to keep up with the most on-trend styles, and leave themselves with years of debt. Spouses often disagree on how much they should spend on a wedding, and research suggests that there is an inverse relationship between the cost of a wedding and the longevity of the marriage.

Meet with a Lombard Divorce Lawyer

If you and your spouse are experiencing serious financial troubles and you are considering divorce, meet with an experienced DuPage County divorce attorney with Mevorah & Giglio Law Offices We know that finances are a difficult part of any marriage, and we will handle your case with compassion and skill. If you need to freeze assets or pursue a dissipation claim, we will help you understand your options and fight for your best interests. Schedule a free consultation by calling our offices today at 630-932-9100.

Sources:

https://www.investopedia.com/articles/pf/09/marriage-killing-money-issues.asp

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6200000&SeqEnd=8675000