Common reasons why money can lead to the end of a marriage

On Behalf of | Aug 9, 2019 | Divorce |

While there are many reasons why a New York couple can get a divorce, money is one of the most common causes for the end of a marriage. Specific financial issues that sparked a couple to part ways differ. When there are financial concerns whether it is a high asset divorce or a divorce where the parties are of more modest means, having legal assistance is one of the most important factors in a successful resolution.

If a couple thinks differently about money, this is the foundation for dispute. One spouse might spend recklessly while the other is frugal. Financial priorities might not coincide. A spouse seeking to buy a home while the other is more interested in allocating funds differently will sow disagreement.

Credit card debt can also be contentious. If one spouse accrues major debt and the other is forced to pay it off, it can lead to marital strife.

Lying about finances, financial infidelity, will damage the relationship as it can infect other areas of the relationship similarly to other forms of dishonesty. Hiding debt, having money stashed, buying large items without telling the other spouse can cause problems. Going beyond a reasonable budget with unwise purchases and accumulating debt that cannot be paid will strain the marriage. Some couples cannot get on the same page when it comes to spending. Marriage is about compromise and if they cannot achieve common ground, it can spiral into a divorce.

Impulse buying prevents discussion about whether the item is a “need,” and it can put people in dire financial straits. Many will combine their bank accounts and feel stress because of it. When couples do this, it can negatively impact taxes and cause fights. Unexpected costs like medical expenses or the need to care for elderly or infirm loved ones can spark butting of heads. Even when they get married, the cost of the wedding can grow to levels that are untenable. Losing control financially and both parties not contributing to the household is a source of tension.

When a financial situation has led to an unbridgeable and irreparable marital relationship, it is important to know what steps are necessary to move forward with a divorce. A law firm that is experienced in helping those who are ending a marriage should be called for a consultation and help. While it is unfortunate that finances can cause divorce, it is sometimes unavoidable and legal help is a must.