Money is a significant part of a marriage. Many couples’ fights stem from money, and in some cases, these fights lead to divorce. So, what are the specific financial-related factors that can lead to the dissolution of a marriage?
Here are two of them:
Different spending priorities
The common money personalities are investors, savers, big spenders, debtors and shoppers. Investors typically put their money to work, savers save as much as they can (they rarely take risks in investments), big spenders are comfortable spending money to have the latest car/phone/brand-name things, debtors spend more than they earn (they live beyond their means) and shoppers get emotional satisfaction from spending money (unlike big spenders, shoppers usually look for bargains and are concerned about debt).
One needs to know their money personality and that of the person they are about to marry. If they fail to do so and develop solutions, they may have issues in their marriage.
For example, if an investor marries a saver, they may be frustrated about their spouse not taking risks to increase their money. And the saver may be concerned when their investor spouse lacks a sufficient emergency fund.
Financial infidelity
Financial infidelity can happen in different ways, including secretly spending money from a joint account, gambling and being dishonest about income.
Cases of spouses requesting card issuers to send bills over email instead of mail are not uncommon. They do this to prevent their partners from seeing their monthly statements, which can show they are accruing thousands of dollars in debt.
If a spouse discovers a financial secret, issues can arise in the marriage. And this can eventually lead to divorce.
These are two examples of how money can lead to the dissolution of a marriage. If this is your case, seek legal guidance to understand the best way forward.
