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Financial disagreements that can result in divorce

On Behalf of | Jul 1, 2024 | Firm News

Marital relations can break down for numerous reasons. However, one of the leading causes of divorce in the U.S. is disagreements over money. 

Money doesn’t equal happiness, but it certainly helps couples to get there. The following financial disagreements can put tremendous strain on a marriage.  

Reluctance to share 

One potential source of disputes between married couples is when financial resources are not shared. Many couples opt to open joint bank and savings accounts. This shows that the couple is ready to tackle life together as a team. For someone who has been single for a long time, setting up joint accounts can be a huge adjustment. 

Sharing money is not the only source of disputes between married couples. Sharing information about money is also crucial. Many arguments stem from one spouse not being open about their financial situation. For example, if they have not disclosed to their spouse that they have a poor credit rating or significant debts. 

Financial priorities 

Couples may also find themselves in trouble if they are not on the same page in terms of ambitions. One spouse may want to spend thousands on traveling the world, while the other wants to start up a family business. Significant differences in spending habits can be a source of tension that may ultimately lead to divorce. 

In many cases, spouses can talk and get back on the same page in terms of finances. However, this is not always possible. 

If financial disagreements are causing difficulties in your relationship, it may be time to start exploring your legal options. The more information you have, the better placed you are to protect your interests.