Divorce is often caused by financial issues in the couple’s life. There are certainly plenty of other reasons, from extramarital affairs to simply drifting apart over time, and money may not have anything to do with it. But there are also couples who may have a stable relationship otherwise, but who end up getting divorced because of these financial complications.
How could this happen? There are a wide variety of ways, but below are two common examples.
Financial infidelity
First of all, when couples are not honest with each other about their money, it is sometimes referred to as financial infidelity. Maybe one person is spending excessive amounts of money without telling the other. Or perhaps they are hiding money away, trying to keep those assets from their spouse. Maybe they’re spending money on an addiction or other problematic habits. When their spouse learns about this financial infidelity, it can break down the trust in the relationship, and that can lead to divorce.
Different financial views
It’s also important for couples to remember that they may just have very different views regarding their finances or their goals. One person could be focused on retirement and financial security, so they’re always interested in saving. The other person could be focused on the present and having experiences, so they are more likely to spend. These views may not be compatible – although neither one of them are necessarily right or wrong – and can lead to significant disagreements that eventually unravel the relationship.
Finances can also play a big role in a divorce, especially when splitting up assets. Couples in this position need to know about all their legal options.