Five Bad Money Habits That Often Lead to Divorce

 Posted on July 23, 2018 in Divorce

Money can be one of the leading sources of contention when a couple goes through a divorce, but statistics also indicate that it is also one of the biggest stressors in a marriage. In fact, there are five bad money habits that can almost predict whether a couple will call it quits. Learn what they are, and discover how a seasoned divorce lawyer can help protect your assets if you are planning to pursue an Illinois divorce.

Hiding Money in Your Marriage

Everyone enjoys having a little spending money of their own, but if you are not telling your spouse a bank account, savings account, or cash, you could be in some serious trouble. Not only does this hiding of money create resentment and break trust within your marriage, it may also be perceived as intentional financial abuse or asset hiding in your divorce. As a result, you could stand to lose far more than you were trying to hide.

Hiding Debt from Your Spouse

Hiding debt is even worse than hiding money because it not only breaks trust, it could place your family in an embarrassing financial situation. You will be less financially secure, there will be less money to go around, and in extreme cases, you may need to file for bankruptcy. In short, never hide debt from your spouse, and always discuss new lines of credit.

Financial Abuse in a Marriage

As mentioned, financial abuse can cost you greatly in a divorce - and it is easy to be perceived as one who has tried to control through money. Parties may start out with good intentions (handling the bills because they are better at budgeting and creating an allowance to keep their family on track), but if one spouse remains in the dark about the family finances (or appears to have been), it could come back to bite you at the end of your marriage.

Overspending (Especially After Your Spouse Expresses Concern)

Splurging is not always a bad thing, but if you are doing it often and in excess, it puts a financial strain on your family. If you then continue to overspend after your spouse has voiced concern, it can further increase the stress and may ultimately lead to a divorce. Couples can often avoid this issue by creating a budget together, but some marriages may be far too damaged to recover.

Underspending (Especially When Your Spouse Feels Disadvantaged)

Whereas some parties tend to overspend, there are others who are so frugal, it leads to financial stress for their spouse. If that spouse also happens to be a disadvantaged party (i.e. a stay-at-home parent), the anger and resentment they feel can be extreme. Part of this is because they do not have their own money to spend, but it can also be because they feel as though they are being controlled by the frugal spouse. Again, you can typically avoid this issue by discussing and agreeing on a budget, but if the damage has already been done, it could be too late.

Contact Our Wheaton Divorce Lawyers

At Davi Law Group, LLC, we work hard to protect our client’s current and future earnings. Whatever the circumstance, our Wheaton divorce lawyers pursue the most favorable outcome possible. Get started by scheduling a personalized consultation. Call 630-657-5052 today.

Source:

https://www.cnbc.com/2018/07/10/five-money-mistakes-that-can-destroy-a-marriage.html