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Money Issues to Confront with Your Spouse to Avoid Divorce

Financial stress is one of the biggest risk factors associated with divorce. People who have major issues with debt or low income are much more likely to get divorced than people who do not have these same financial stressors present in their relationship.

Therefore, it is important to frequently communicate about finances with your spouse and to confront these types of issues before they can become toxic for your marriage. Here are just a few examples of some of the most common financial issues that can result in divorce:

  • Debt: Many couples enter a marriage with debt, from school loans to credit cards and more. What is most likely to lead to frustration or strain on the marriage is if one partner has a lot of debt and the other partner has little to none. It is important to be forthright with each other about your financial standing before you get married and to continue to have these discussions during your marriage.
  • Clashing financial personalities: The classic battle of spenders vs. savers can come up in a marriage, which can result in arguments and strain on a relationship. As long as you’re able to maintain a balance between your financial personalities, you don’t necessarily both have to fit the same profile.
  • Children: Make no mistake—children cost money. The U.S. Department of Agriculture estimates it costs about a quarter of a million dollars to raise a child through age 18. It is important to consider the financial implications of having children before you have them.
  • Divisions of property and responsibility: The mine vs. yours vs. ours argument is another classic issue in marriage that can wreak havoc on a relationship if not approached properly. Couples need to communicate well about how you’ll share money and responsibility for bills. Not all couples will put their income into a joint bank account, and that’s okay, but no matter what method you use it’s important to stay on the same page about who owns what and who pays what.

For more information about dealing with classic financial issues in your marriage, contact an experienced Minneapolis family lawyer at Applehof, Pfeifer & Hart, P.A.

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  • "With Appelhof, Pfeifer & Hart, P.A., it is like having a family physician. They are all knowledgeable, thorough, comforting, and the only call I need to make for all my legal needs for many years to come. No matter what the matter, I totally trust their advice and commitment to me and my family." - J.N.

  • "Mary from APH Law helped me thru a difficult divorce. She and the entire staff was there for me every step of the way helping me on what to do next. They listened to what I wanted and helped me achieve what matter the most to me in the divorce settlement." - Dana C.

  • "I chose APH after my initial consultation with Mary. I felt my best interest would be represented. The entire process went excellent, the attorneys and staff communicated effectively and efficiently with me throughout the process as they needed to. Being new to the legal process and verbiage, they walked me and talked me through the next steps and the jargon, I felt completely comfortable and represented. I hope I never have to use legal services again but if I do I will call Mary at APH Law and know that I will be taken care of." - Jeff M.

  • "Divorce is a time of emotion and stress. Mary Pfeifer , My lawyer was professional and compassionate. She was very informative through the process. Her insight helped me in my decisions. She worked hard to obtain a settlement which was fair to both parties.Though, I hope I won't need her help again. It is reassuring to know a good person that is willing to help." - Rod S.

  • "I first came to Ms. Jacquelyn Lutz of Appelhof, Pfeifer and Hart in October of 2016. It was definitely the worst time in my life and she compassionately spoke with me about my options. Ms. Lutz thoroughly explained the laws, statutes, process and what to expect going forward. What was supposed to be one case, turned into three intricate cases that took a huge toll on me and my family. Ms. Lutz represented me in court on all three cases with a vast knowledge of the laws and how to proceed accordingly. During all three cases she kept me informed, calm, gave me resources to utilize, and (most important) gave me a realistic view of what may come next. Ms. Lutz knew each case required a great deal of knowledge and creative thinking on how to legally proceed forward with each case. My family and friends are forever grateful for the amazing representation by Ms. Lutz. I highly recommend Ms. Lutz for anyone needing or considering superb representation for any kind of family law. " - M.H.


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