Financial Issues that Lead to Divorce

Money can become a sore spot in marriages. In fact, clients often tell divorce lawyers that one of the reasons for ending their marriages is money problems.

The following are more common financial woes and behaviors that can contribute to divorce.

Overspending and Debts

Practically everyone has overspent from time to time. However, some couples routinely get into deeper into debt. The issue may be that one of the spouses consistently buys more than the household budget can afford. On the other hand, two overspenders can be just as frustrating. Mounting debts can cause significant strain in a marriage, even when both parties rack up bills together. Facing debt collection agency letters and potential foreclosure proceedings can quickly turn a marriage sour.

Contrasting Financial Habits

When one spouse loves to shop and the other pinches pennies, they can sometimes find middle ground. On the other hand, they can drive each other to the brink of divorce. Marriage counselors recommend that couples talk about their views toward fiscal responsibility before getting married. Yet, even if couples discuss their behaviors and preferences upfront, they may still find them impossible to deal with.

Controlling the Finances

If one person in the marriage controls all the bank accounts and only gives the other spouse an allowance, this can be deemed disrespectful. It may even be abusive. For instance, a wife whose husband will not allow her to have a say in the finances, including the finances she brings into the household, may decide to file for divorce at some point.

Buying Impulsively

When a spouse repeatedly makes unexpected large purchases without telling the other spouse or tries to hide major spending, the marriage can become a tense battleground. Not only does impulsive buying lead to distrust, it may cause credit scores to dip for both spouses. Having black marks on a credit report makes financial decisions requiring credit scores difficult.

Lying About Credit History

When a wife admits to her husband that her credit history is less than perfect, he may feel betrayed. It is easy to imagine the shock of being denied an apartment lease or auto loan because one of the spouses has a terrible credit score and bad credit history. This situation causes the responsible spouse to deal with the financial burden of taking on debts alone.

Bucks County Divorce Lawyers at Freedman & Lorry, P.C. Represent Clients Throughout the Divorce Process

If you are contemplating filing for divorce, the Bucks County divorce lawyers at Freedman & Lorry, P.C. can help. We will guide you through the divorce process and recommend the next best steps. Contact us online or call us at 888-999-1962 for a free consultation today. Located in Philadelphia, Cherry, New Jersey, and Pinehurst, North Carolina, we serve clients throughout Pennsylvania.