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Common sources of money problems for spouses

On Behalf of | Jul 9, 2018 | Divorce

Love forms the foundation of a marriage, but the institution also represents a financial union between two people. Fiscal stress and money disputes have long been recognized as leading causes of divorce in Texas and throughout the U.S.

An inability to pay bills or cope with unexpected expenses naturally creates tension between spouses. For couples living paycheck to paycheck, they can strive to reduce their stress by creating an automatic savings plan. Regardless of income level, spouses can set up automatic savings deductions from paychecks to begin building an emergency fund.

Another type of relationship problem arises when partners are both prone to overspending and instant gratification. Even if these people save, they might repeatedly raid savings for inappropriate purchases and breed resentment and distrust between each other. A relationship that includes a spender and a saver has a high potential to create conflict because of opposing money habits. Even two savers might encounter marital boredom because they never treat themselves.

Regardless of how long a couple has been together, money secrets can often be the most destructive to the relationship. People who hide money and debts undermine trust with their partners. Ideally, spouses should work out a financial plan that balances money personalities and promotes financial stability.

If a person reaches an emotional or financial impasse with a spouse, a divorce might become the desired outcome. An attorney could advise a client about the process of property division and child custody if children are present. Legal advice might help the person understand the long-term consequences of decisions regarding the split of retirement accounts and jointly held marital debts. When necessary, an attorney could act as an intermediary if divorce settlement negotiations with a former partner become unproductive or hostile.