You already know that it is not any fun to fight with your spouse about money, but did you know that tension could lead to divorce? This might come as no surprise if you already engage in ongoing arguments over finances.
Couples in New Hampshire and across the rest of the United States cite money issues so frequently in their divorce filings that they are now the third most common factor. Incompatibility as a couple and infidelity are the first and second listed causes, respectively.
Was money always such a huge issue?
Perhaps for as long as people have married, they have fought over the family finances. So, what makes today different than decades past? The internet makes it incredibly easy to access quick funds and make bad financial decisions.
In the past, you had to put on clothes and physically leave your house if you wanted to gamble. Now, it is only the click of a button away. The same goes for shopping, opening new lines of credit and more.
The 4 big financial issues
Divorce magazine released 16 different common factors in divorce. Of those, four were directly related to money matters. The listed factors were:
- Too much household debt
- A spouse's gambling addiction
- A spouse's uncontrollable shopping habits
- An unemployed spouse refusing to seek work
Although having too much household debt is a factor for which both you and your spouse could possibly be responsible, these issues mostly highlight single-sided problems. You may not feel as if you have much control over your life or finances if your spouse gambles away your earnings, is a shopaholic or refuses to contribute financially.
But isn't divorce expensive?
If you are already fighting about and stressing over money, the potential financial implications of divorce may feel overwhelming. However, delaying divorce over financial concerns is rarely a good idea. Not only will you have to continue living in an unhappy marriage, but your spouse will have the opportunity to wreak further financial havoc on your life.
Careful planning and attention to detail can help minimize any negative financial aspects of divorce. For most people in New Hampshire, a divorce can even be the springboard they need for a newer and better financial future. Still, the process can be complicated, and your finances are on the line, so you are well-advised to follow the footsteps of other divorcees by seeking the guidance of someone who is knowledgeable in state family law.