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The relationship between money and divorce

On Behalf of | Dec 29, 2022 | Divorce

Many divorce cases are spurred by money. Financial issues are what initially causes the couple to consider ending their relationship. These issues may come out of the blue, as sometimes happens with sudden medical expenses, or may be long-standing issues that the couple has been trying to deal with for years.

But don’t assume that this always looks the same way in every case or that all couples are going to run into similar issues. People from very different financial backgrounds can both find themselves facing divorce over very different money-related issues. And wealth does not necessarily indicate that divorce is less likely, but perhaps even more likely.

How do you use money?

For example, one potential issue that sometimes comes up is that one person is a saver and the other is a spender, as it relates to their mentality with money. The first person likes to keep money, viewing it as a way to create stability in their life. They could be saving for retirement. The second likes to spend it, seeing it as a way to get the items or experiences that they desire. They may make more impulse purchases and buy non-essential items.

There are two issues with this. One is that both people will often feel like the other person is working against their personal goals. This can set married couples at odds. It may not seem so drastic at the beginning, when you disagree over little things, but years of this can add up. People end up feeling like they have no control over their own money.

The second issue is that neither person is necessarily wrong. Both of these perspectives are valid views on how to use and think about money. It’s just that the two of you, along with these views, may not be compatible in a married relationship. When a couple cannot compromise, they may eventually decide to get divorced.

Understanding your options

If you and your spouse do end up splitting up this year, be sure you know about all the legal options at your disposal. This is especially true when you have complex and/or substantial financial assets to divide.