It is very clear that money and divorce are closely linked. For instance, some studies have examined the top reasons for divorce and found that money issues come in third, at 22%. This puts them behind basic incompatibility, which is often cited in no-fault divorce cases, and infidelity.
But what exactly do money issues look like? They can take many forms. For some couples, they do not make enough money or are facing overwhelming debt and financial stress. For other couples, there may be issues such as financial infidelity, when one person uses jointly owned assets without communicating that to their spouse. In still other cases, the issue is simply that the couple has different perspectives.
Spending and saving
For instance, your perspective on money may be that you need to save it for the future. You have plans to buy a house, start a family or retire from your career. You like saving money and living as frugally as you can.
Your spouse, on the other hand, may like spending money. They want to enjoy life, take trips or make purchases. They are less focused on the future and more focused on how they can use their money today.
Both of you may think that your perspective is correct, but the reality is that it does not matter. It is not about being right or wrong. The issue with this type of relationship is that your view of money may not be compatible with your spouse’s, which can lead to conflicts and an eventual divorce.
Splitting up assets
If you do get divorced, money will still play a significant role as you divide your marital assets. Take the time to carefully look into your legal options.