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Money problems commonly cause divorce

Arizona couples end their marriages for many different reasons, but the majority of them likely blame money problems of some sort for their split. In fact, some experts claim money problems are the top cause of divorce in America. However, if couples know what to look out for, they may be able to avoid both financial problems and divorce court.

For example, poor communication about money is one of the most common reasons couples file for divorce. One solution to this problem is for couples to schedule occasional discussions about family finances. This helps ensure both spouses are in the financial loop and allows any money concerns to be aired out. Good communication can also help couples avoid money secrets, which is another common reason for divorce. These can involve things like one spouse hiding money from the other or a spouse running up debts without the other's knowledge. To avoid this, couples should trust each other and be honest about their financial activities.

Having no savings can also lead to financial trouble. Statistics show that over half of American families have $1,000 or less in savings. Living paycheck to paycheck means there is no money for emergencies, which can cause stress and tension in a marriage. To solve this problem, couples should work on building an account that equals at least three months of their take-home wages. Finally, having different money values can also lead to marital strife. This situation occurs when one spouse likes to save money and the other likes to spend. Couples can navigate this by agreeing to a few common goals, like setting up an automatic savings account or saving for a home, and then spending what is left over.

Despite these tips, some marriages are irretrievable. A family law attorney could help individuals who are facing the end of their marriage by negotiation a comprehensive settlement agreement as a way to avoid protracted litigation.

Source: AL.com, "The #1 Reason for Divorce?", Stewart Welch, July 5, 2018

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