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Poor Money Management Often Leads to Divorce

Posted on in Divorce

Lombard divorce attorneysThere are many reasons why a couple’s marriage may break down. In some cases, the two spouses simply got married before they were ready for the commitment. Other times, one of the spouses is unfaithful and causes hardship in the marriage through his or her infidelity. However, one of the biggest causes of marital stress is money. Couples argue about whether to spend or save money, what to spend it one, or how their money should be managed.

Financial Stress Causes Friction in Relationships

A study conducted by the American Psychological Association found that about 75 percent of Americans are experiencing financial stress at least some of the time. Furthermore, almost a quarter of U.S residents are experiencing extreme financial stress. Couples do not have to be living paycheck to paycheck to experience this stress. Many financially-secure couples also experience the stress of not knowing which money decisions are right for them and their family.

Money concerns are especially problematic when spouses have differing opinions about how much spending is appropriate, how much money should be saved, and who is responsible for bringing in the majority of the family’s income. According to Kevin O'Leary, star of ABC's "Shark Tank" and personal finance expert, “The biggest problem in marriage ... is if one partner is willing to spend the other's money and has no regard for it."

Money Concerns Particularly Troubling for Middle-Aged Couples

A survey of people in a relationship conducted by SunTrust Bank found that finances are the top reported cause of stress in a relationship. In fact, about 35 percent of all survey respondents experiencing relationship stress said money was the main cause of conflict in the relationship. Money issues are especially difficult for middle-aged couples to handle. Of those couples who reported relationship stress, almost half of respondents aged 44 to 54 said that the stress was mostly caused by financial concerns.

The survey did not delve into why older couples experience financial stress more acutely than couples in their 20s and 30s but it is possible that this demographic simply has more to worry about. Those in their 40s and 50s often have a mortgage payment, investments to supervise, and retirement planning to consider. Financial stress in these relationships may be leading to more and more divorces. “Gray” divorce, or divorce over age 50, is becoming increasingly common. The divorce rate for this demographic has doubled since the 1990s.

Divorce Attorneys You Can Trust

If you are ready to start the divorce process, our compassionate and skilled Lombard family law attorneys are ready to help. Call 630-426-0196 for a confidential consultation at A. Traub & Associates today.

 

Sources:

https://www.cnbc.com/2018/01/31/kevin-oleary-the-money-habit-that-will-lead-to-divorce.html

https://www.cnbc.com/2015/02/04/money-is-the-leading-cause-of-stress-in-relationships.html

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