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Money issues common reason for divorce

On Behalf of | Apr 5, 2022 | Divorce

Money issues and arguments about money are typically the most common causes of problems in a marriage. While a lot of couples have arguments regarding household finances and spending from time to time, in some situations, these issues are insurmountable and can lead to divorce. The following list a few reasons money issue can cause problems in a marriage as well as things couples in North Carolina can do to prevent financial matters from derailing their marriages. 

Maintain separate bank accounts and split bills equitably – Many married couples use joint checking and savings accounts, with each contributing to the funds. If both spouses have a source of income, they can maintain separate bank accounts and split all household bills in a manner that is fair and equitable. 

Debt issues – Couples can amass large amounts of debt, and there are situations where one of both spouses had incurred considerable debt before the marriage, such as through student loans. Regardless, couples should work together to pay down debt as quickly as possible to avoid high interest charges and even possible bankruptcy and foreclosure. 

Spending habits – Perhaps two married couples have vastly different spending habits. If one spouse is a spendthrift and the other is a miser, it can cause problems in a marriage when one person wants to spend and the other wants to save. Couples should discuss all major purchases and work on a plan that fits each spouse’s spending habits. 

Over-controlling nature – In situations where one spouse makes significantly more than the other, the higher-earning spouse may try to use power plays as a method of control. This can of course cause rifts in a marriage when one partner feels he or she has no say or authority regarding household finances.

Along with the aforementioned, having and raising children can cause money issues as can owning one’s own business, among other things. No matter the state of a couple’s finances or the personality traits of each spouse, those willing to work together can find solutions for money issues before it’s too late. Should spouses determine their marriage is no longer able to survive, they can work with an experienced family law attorney in North Carolina for advocacy and support throughout the process.