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Money issues that can lead to divorce

On Behalf of | Mar 19, 2024 | Family Law |

Adultery, parenting style differences, abuse and communication difficulties are all common reasons for a divorce. However, many people overlook how finances influence the likelihood of divorce.

Money issues in a marriage are a multifaceted issue. They can be the cause or result of communication issues, mental problems, trust issues and other reasons. Here are just a few ways money can lead to a divorce:

Discovering a spouse’s overwhelming debt

Debt is a major problem for many people. Too much debt can lead people to spend years resolving their obligations. When couples marry, that debt might be shared. However, sharing the burden of overwhelming debt may not be what a spouse has in mind. Discovering that a spouse has built up a large amount of debt can lead to trust issues.

A spouse is unwilling to find a job

The economy is in a strange place and many people are facing unemployment. An unemployed spouse can cause a lot of issues for a household. These issues may be temporary if a spouse is able to find a job. However, a spouse may not be willing to find a job. Instead, they may rely on savings or their spouse’s income, which can lead to resentment.

Lottery winnings or inheritance sharing

When someone gains a large inheritance or lottery winnings, the biggest issue is often how the money is invested. The person gaining the money and their spouse may be in disagreement as to how the money should be spent, which can lead to many arguments.

Use of savings

Many couples share a joint savings account. This money may be used for larger investments or emergencies. When one spouse decides how the savings should be used, the other may not agree. If couples can’t reach an agreement, it can create lots of issues in a marriage.

If you have a high-asset household, then it can help to learn about your legal rights as you explore your divorce options.