Relationships can be complex, particularly when they start to break down. All couples have disagreements, but when they fundamentally disagree on issues such as money, this can signal the beginning of the end.
Financial disputes are thought to be a factor in up to 40% of divorces. What are some of the more common financial disagreements between spouses?
Spend or save?
Some individuals are spenders, while others like to put money away for a rainy day. It’s important that couples can at least find a middle ground in key areas like this. Money isn’t everything, but it contributes to many key decisions that couples will make. For example, most people have to save before they purchase a home or start a family.
If one spouse is unwilling to save then this can cause significant tension. The same can be said if one spouse is never willing to spend any money in order to relax and have fun.
Financial secrecy
While spouses don’t need to share every detail, there is a difference between this and being secretive. If one spouse has secret accounts, then the other may start to ask why. What are they hiding? Are they in some sort of financial trouble?
Adapting to sharing
Many couples opt to open joint accounts. This can be beneficial in terms of communicating about money and making joint decisions. However, it can be a significant change for someone who has been financially independent their entire lives. Sometimes, this change can be too much to handle.
If you and your spouse are not getting along, and it looks like you may go separate ways, it’s important to start thinking about how to protect yourself. Seeking legal guidance is a good place to start.
