Financial Problems and Divorce

If you are one of the millions of people whose marital relationship is on pins and needles due to financial issues, you’re not alone. Financial insecurity is bubbling up in many families these days due to job losses, rising prices, and uncertainty about what is ahead for the country.  All of this can lead to serious strife in a relationship, as couples fret about how to make ends meet.

Stress 

About one-third of people surveyed report that finances are the biggest factor causing stress in their relationships. Debt issues can lead to arguments and blame, neither of which are healthy for a couple. But being unable to meet monthly financial obligations, let alone save for long-term priorities, can be incredibly frustrating, leading to friction that presents as arguments, silence, and emotional distancing.

Disposable Income 

One big issue couples may face is how to spend their disposable income. While one partner may vehemently believe that prioritizing paying off debt is crucial, the other may think it’s more important to spend money to enjoy life a little and reduce stress. Completely differing views can be difficult to manage. The saver in the marriage may come to resent the spender, believing that their sacrifices are not appreciated, let alone emulated by their spouse.

Hidden Spending 

Lying about money issues can be catastrophic for a relationship. If one partner secretly spends or hides debt—commonly called financial infidelity– the dishonesty can lead to resentment and a complete lack of trust.  If a loved one lies about buying a new outfit, for example, what else might they be lying about?

Humiliation 

For many, untenable debt is more than a source of stress: it is the root of shame and embarrassment. Debtors often feel they are judged by others as over-spenders who recklessly got themselves into a financial mess. It can lead to isolation and depression as couples fear the financial and social costs of mingling with friends. As time goes on, feelings of hopelessness and powerlessness can ravage a relationship.

Thoughts of Divorce 

While your marriage may have started based on love and hope, it can end based on money and stress. When couples’ financial goals are not in concert, a marriage can turn into a battleground pretty quickly. And when the end goal becomes an equitable divorce, the money issues move front and center. Now, more than ever, you need an experienced divorce attorney who will fight for the best possible outcomes financially and otherwise. At Courtney & Mills, you’ll get nothing less. To discuss, schedule a confidential consultation with our Springfield family lawyers today.

Source:

cnbc.com/select/national-debt-relief-survey-debt-reason-for-divorce/