Money issues might lead to a divorce

Posted by Lauren S. CohenMar 20, 20200 Comments

Many things can lead to the downfall of a marriage. One of these is money. Unfortunately, it isn't always possible to correct the issues that plague the marriage, so divorce becomes inevitable. Understanding some of the finer points of how money and marriage might impact each other can be beneficial.

One difficult thing for some couples to deal with is an unstable income. This can make it difficult to budget, and you might always feel like you don't have enough. You may think that you need to increase your income, but that's a moot point if your spouse won't curtail their unnecessary spending.

Some people have different values about money. This can be difficult to handle during a marriage because it makes it almost impossible to set a plan for the money matters. One spouse might want to save for a house, but the other sees extra money as a way to take vacations.

Another issue that occurs is when one spouse wants total control over the money. Even if a spouse stays at home, they should still have a say in how the money is spent. This is especially important if there are debts to pay off because one might want to pay them off quickly while the other is content making minimum payments.

If you're ending the marriage due to money matters, you must ensure you take steps to protect yourself. This includes accounting for all assets and debts, so they can be divided equitably. You can also set up your budget, so you know what to expect and can plan for the financial responsibilities you'll have on your income.