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2 ways money and divorce are often connected

On Behalf of | Oct 27, 2023 | Family Law

Issues related to money are some of the main reasons cited by couples as why they’ve chosen to divorce. There are numerous ways that money and financial issues can lead to divorce.

What people tend to assume is that “financial issues” relate to a lack of finances or a lack of income. This is why divorce sometimes happens after one person loses their job, for instance, and tensions within a family rise as a result of that turn of events. Yet, this isn’t the only way that money can inspire a divorce. Two other issues commonly drive wedges between spouses in ways that may prove irreconcilable.

Financial security can lead to divorce

Interestingly, there is some evidence that being wealthy may actually increase the odds that a couple will get divorced. Rather than splitting up because of financial instability, the complexities that accompany wealth can inspire tension and ready access to resources can render spouses more likely to exercise their right to freedom in the event that their marriage becomes unhappy and/or unhealthy.

After all, if two people each earn $20,000 a year, it may be very difficult to make ends meet, and they might stay in an unhappy marriage out of necessity. They can’t reasonably afford to go off on their own. But if both people earn $1 million a year and can easily support themselves, they can potentially move on from their relationship without feeling any significant financial pressure.

Differences of opinion

Next, people sometimes “simply” disagree about how they view money or have different opinions regarding how they should use that money as a couple. It’s not that they don’t have enough, but just that they see the issue of money very differently.

Say that one spouse prefers to use the money that they earn quickly, spending it on various purchases without too much thought. The other spouse likes to save money and gives a lot of thought to everything that they buy, not wanting to feel like they wasted it on something frivolous. It doesn’t matter which person is “right.” The issue is that they are looking at money in a completely different way, and so the marriage may not work in the long run if thoughtful compromises and approaches can’t be crafted between the spouses in question.

Getting a divorce

When couples do decide to get a divorce, there are a lot of financial questions to ask about dividing assets and debt. Each spouses need to be well aware of all of their rights and options, so seeking legal guidance as proactively as possible tends to be a sound approach.