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Home / Blog / Money Issues to Confront with Your Spouse to Avoid Divorce

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.

By Appelhof, Pfeifer & Hart, P.A. | Published December 5, 2019 | Posted in Divorce, Family Law | Tagged financial issues in your marriage, Minneapolis family lawyer, Money Issues, most common financial issues, risk factors associated with divorce

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