5 money-related conflicts that can lead to divorce

 Posted on August 17,2020 in Firm News

Issues regarding money send up red flags in a marriage, and the financial problems couples struggle with can easily snowball over the years. Many married couples fail to compromise, especially when it comes to making financial decisions.

Here are five money-related conflicts that frequently result in divorce.

1. Different priorities

Major goals such as purchasing a home or enjoying a trip abroad take planning. Planning includes saving to meet the intended goal. One spouse may pinch pennies and the other may spend excessively, which can lead to marital problems.

2. Credit card debt

Piling up credit card debt is one of the biggest issues leading to arguments about marital finances. When one spouse uses the card and the other struggles to make the payment, heated disputesare almost inevitable.

3. Overextension of budget

Marriage usually means combining incomes, which may give couples the feeling they have more money to spend. As a result, they go overboard on the budget. For example, the couple may buy a home that is more than they can comfortably afford. They find they have little money left over for the enjoyment of everyday activities, and the financial stress puts a strain on their marriage.

4. Financial infidelity

Financial infidelity is a kind of dishonesty that can sink any marriage.Examples of this are gambling addictions, secret bank accounts, hidden purchases or undisclosed debt.

5. Large impulse purchases

When couples share a budget and one spouse makes a major purchase, it affects both. Any large surprise expenditure could spark resentment, anger and the beginning of the end for the relationship.