Financial stress and money problems are one of the leading causes of divorce across the country. It’s something which is argued about at some point by nearly every couple, and at certain times of the year especially. That includes the holidays, and of course, tax season. That’s why it’s important to take stock of how money issues and financial stress may lead to a divorce, while also looking at how else these matters may factor into a marriage, or a resulting separation and divorce.
According to one recent study performed by the Institute for Divorce Financial Analysts, money issues were cited as the 3rd most common cause of divorce, occurring in 22% of cases as the primary cause of a divorce. While that’s a showcase for how often money leads to divorce, even that number may be low.
The most common cause of divorce, basic incompatibility came in at 43%. That incompatibility often derives from inherent differences in how money and finances should be handled. Common points of contention and incompatibility include issues such as how much to save versus how much to spend, long-term financial goal planning, savings goals and strategies, getting out of or managing debts and budgets, and so forth.
It’s clear that money and finances play a huge role in each person’s life, and in the life being built jointly by a couple together. Further, whether or not finances played a role in the divorce, they will be one of the most important issues at stake during the divorce. Parties may be faced with obligations for alimony and child support as well as the division of financial assets, including real estate, bank accounts, stocks and investments, and retirement assets.
It’s also another reason why some individuals feel strongly that they should obtain a prenuptial agreement before marriage. That’s not a sign that a person believes a marriage will falter, but rather, a recognition that these matters often become difficult to resolve when the marriage breaks down.
For any individual going through both financial stress and corresponding marital problems, it’s important to remember that you’re not alone. It’s a common issue, and it’s equally important to remember to work with an experienced professional who can offer assistance.
When these issues are leading you down the road towards separation and divorce, it’s time to consult with an experienced legal professional such as a divorce attorney to figure out the best course of action in your particular circumstance. As with all other matters, it’s always important to protect your own personal interests while avoiding unnecessary entanglements.