How Does Money Impact a Marriage?

Money Impacts More Than You Know

When it comes to money and marriage, there are several misconceptions. Some people believe that if a couple is in a bad financial situation, their marriage is doomed. Others believe that if a household has a lot of money, their marriage will be a great success. The truth, however, is that money’s impact on a marriage may depend on a variety of factors. In this blog, we will discuss how money can lead to divorce.

Money Disagreements Are the Top Predictor of Divorce

You may or may not be surprised by how closely linked money and the termination of a marriage are. In fact, one study by SunTrust Bank found that money disagreements are the top predictor of divorce, ahead of infidelity and communication problems.

The study surveyed divorced adults and found that nearly half (45%) said financial arguments were the most common type of disagreement in their marriage. That was followed by disagreements about parenting (18%), work (11%), friends/family (11%), and sex (11%).

So, what's behind all these arguments about money? The survey found that couples tend to disagree about how to spend their money (41%), how to save their money (39%), and how much debt they hold (38%).

Ways to Move Past Money Issues

If you're constantly arguing about money with your spouse and you’re committed to resolving the issue amicably, it may be time to sit down and figure out how to get on the same page before it’s too late. Otherwise, you could be headed for a divorce. Here are some tips to help you get started:

Talk About Your Finances

Before you can start working towards financial harmony, you need to understand where each of you stands financially. Talk about your income, debts, savings, and financial goals. This will help you get a better understanding of each other's financial situation and start working towards common goals. While this conversation can be conducted at any time, the end and/or beginning of a calendar year is a great opportunity to revisit and analyze your finances.

Make a Budget

Once you know where the household stands financially, it's time to make a budget. Sit down together and figure out how much money is necessary to cover your expenses and how much you can each save on a monthly basis. Setting a budget and sticking to it may help you and your spouse avoid unnecessary arguments in the future, as well as help build trust in your relationship with respect to your finances.

Set Financial Goals

What do you want to achieve financially during your marriage? Do you desire to pay off debt? Retire early? Save for a house? Once you can identify what your marital goals are, you can start working towards them together. This will give you something to focus on as a team instead of repeatedly arguing about money all the time.

If money is causing problems in your marriage, don't ignore it. Address the issue head-on and try to find a solution that works for both of you. Otherwise, this issue may, unfortunately, lead to divorce further down the road.

Ask for Help from a Divorce Attorney

If you need help with divorce regardless of the reason, turn to the team at Laubacher & Co.. Our compassionate team of experienced attorneys can help you navigate the process and come out stronger on the other side.

Learn more about how we can help or schedule a consultation by calling (440) 336-8687 or by visiting our website.