When marriages come to an end, the reasons can be as complex and varied as the relationships themselves. However, financial disagreements are increasingly recognized as pivotal factors in the dissolution of marriages. What should you know about how financial struggles can impact your marriage and your divorce?
Financial issues are a common cause of marital breakdown.
If financial issues put strain on your relationship, you are not alone. A revealing poll of 526 divorcees highlights the critical role that financial issues play in the breakdown of marriages. These findings underscore the profound impact that financial secrets and mismanagement can have on a relationship’s health and longevity. Some commonly cited issues included:
- Credit card debt: A striking one-third of respondents identified credit card debt and financial infidelity as key factors leading to their divorce.
- Hidden debts and secret spending: A significant 80% of people who cited credit card debt as a reason for divorce acknowledged that hidden spending was a contributing factor to their separation.
- Disagreements about major purchases: Big-ticket purchases are a growing source of marital strife, with 57% of participants citing this as a factor in their divorce. This marked a noticeable increase from 42% in the previous year.
- Spending habits: Nearly a quarter of the respondents attributed their financial strain to frequent dining out and entertainment expenses.
The statistics from this poll reveal the silent yet profound role that financial disagreements can play in the breakdown of marriages.
What happens to debts in divorce?
Financial struggles are not only an issue for couples during their marriage. Issues like mounting debts can follow them long after they finalize their divorce.
In Florida, most debts incurred during the marriage – regardless of whose name is on that debt – are jointly-owned. The court will divide these debts between spouses in a way that it deems fair or “equitable.” This means that you may end your marriage with the responsibility to pay for some of the debts you incurred during the marriage.
Financial struggles are common issues that often strain relationships to the point of divorce, and the impact of these issues can extend far beyond the end of the relationship. This makes it especially important for people worried about their finances during the divorce process to have a strong legal strategy that protects their long-term wellbeing.