Divorce rates are dropping in the U.S. as years go by. According to a 2019 report, California was among the states with the lowest number of divorces at a rate of 6.50% of divorced women per 1,000 married individuals. This may be because people are now waiting longer to get married, and when they do, the chances of staying married longer are higher.
However, the reported rates can’t be overlooked. Different reasons led to these divorces, and finances may be one of them.
Here are three ways money can cause a divorce.
Different views on money
People have different views on money – there are savers, big spenders and investors. When people with opposing money personalities get married and don’t communicate or compromise, they may eventually go their separate ways. For instance, a big spender and a saver may have fights now and then, which can lead to irreconcilable issues. Someone who saves money in the bank may also have arguments with an investor.
Hidden accounts and spending
Secrets are another financial-related factor that may contribute to divorce. This includes secret bank accounts, lying about spending, secretly spending money on another person, hidden assets, gambling, undisclosed debt and so on.
Having joint accounts has proved beneficial for some couples by making payment of bills and attaining goals easier. However, this move can create disagreements. For example, if one party is putting in more money than the other or a party spends money from the account without communicating. This factor may seem harmless, but when such actions become consistent, it can lead to major fights.
Finances play a noteworthy role in marriage. Couples who constantly fight about money may end up in divorce. If you want to file for a divorce, obtain adequate information to make the right moves.