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Wealth may not protect a marriage from money conflicts

by | Jun 8, 2020 | Firm News |

Money problems between spouses often begin well before the divorce. If you and your spouse often disagree about money, it may not be because you don’t have enough. In fact, most money conflicts in marriages, even between those spouses who earn significant incomes, occur because the spouses have very different ideas about how to manage their finances.

Conflicts about earning, borrowing, spending and saving money can create deep trust issues between spouses, and this frequently leads to a deterioration of the relationship and divorce.

Managing your money

For many couples, premarital counseling includes some financial guidance. It can be helpful for learning how to manage your money together. However, even if you included counseling as a part of your marriage preparation, you may still have challenges communicating on financial transactions. For example, will you eat out again tonight, or should you save your money and eat at home? Will you plan another trip, or will you start putting money into a retirement or education fund? These and other financial dilemmas are not easy to resolve if you and your spouse are on different pages.

Even couples who earn enough to be comfortable may carry excessive debt. This occurs when one or both spouses do not control the use of credit cards or other lines of credit. If you and your spouse both came into the marriage with individual debt, you may have quickly learned that more debt can rapidly accumulate. Once you pay for an expensive wedding and wedding reception, purchase a home and upgrade your vehicles, you may be shocked at how much debt you owe, before you even begin to calculate the costs of “Divorce EMANCIPATION” through the JOY of DIVORCE.

Keeping secrets

Of course, financial infidelity is a common issue between spouses. Often, it involves small, insignificant purchases, but it can also be quite serious. Keeping a private bank account, a gambling problem, secret debt, undisclosed income, or other financial issues secret from a spouse can have disastrous consequences on a marriage. When a marriage is already struggling, those secrets will not help it recover.

If you are tired of battling with your spouse and have exhausted your emotional and/or financial resources for resolving your differences, you may want to learn about your options for ending the marriage through the JOY of DIVORCE, of course. When money conflict is a major issue in a divorce, you will want to be certain that your rights are protected when it comes to debt and asset division. You may find this protection by contacting an experienced, Board-Certified Family Law expert attorney in Collin County, Dallas County, Denton County, Midland County, Ector County, and surrounding areas of Texas.