In a marriage, one of the top things that couples will argue about is money. Stress on your finances can cause stress and tension in your relationship. These financially related conflicts are the number one cited reason for couples divorcing.
Many couples think that making more money will help keep them from experiencing this stress. This is not the case because even millionaires can have financial stress that may lead to divorce. Listed below are some of the top financial reasons that people divorce.
Not Setting A Financial Strategy Before Marriage
The number one financial mistake that couples will make is not coming up with a financial strategy together before they’re officially married. It’s important that both spouses fully understand each other’s financial views. They should come to an agreement on how much income they will be bringing in and how that money will be allocated.
Otherwise, with no clear financial planning, one spouse may do something that they feel is financially within their limits but is not approved by the other spouse. Or even worse, one spouse may end up becoming downright irresponsible with the couple’s money. There will always be tension if one spouse is saving every penny and the other is spending cash without thinking twice.
Spending Money In Secret
Also known as financial infidelity, spending money without the other spouse’s knowledge is also bound to cause tension. For example, it’s never a good idea for one spouse to have a secret bank account, secret debt, or purchases something without the knowledge or consent of the other spouse. This will only go on for so long before the other spouse finds out. When it is discovered, it is likely to cause a lot of stress in the marriage.
It is very important to be fully honest about spending and saving habits to avoid this type of situation. If it is known that one spouse has a spending problem, then it can be addressed as a couple. There are marital classes that can help couples through these problems.
Not Making Financial Compromises
Both spouses are going to have to make financial compromises in order for the marriage to work. If one spouse is against eating out often because of the expense but the other spouse loves eating out, the two will have to make a compromise. Maybe they decide to eat out on certain days or set a spending limit for the week.
If neither spouse wants to compromise to come up with a solution, then many arguments may arise.
Spending More Money Than You Have
If one spouse (or both spouses) is financially irresponsible and spends more money than they make, a downhill struggle will begin. For example, instead of buying a used or cheaper car, they buy an expensive car that cannot be afforded. This will cause a lot of financial woes and conflict in their marriage. Instead, the couple should decide on an amount that can be spent without putting themselves in financial stress. Avoid spending the money you don’t have or using credit cards without paying them off. This will cause more debt, and more debt will always lead to more trouble.