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Financial discord could lead to divorce

On Behalf of | Jul 10, 2018 | Divorce

In North Carolina and around the country, financial difficulties continue to be one of the leading causes of divorce. One may think that only low-income earners are prone to money problems, but professional couples earning substantial wages can have financial issues too. While there are a multitude of underlying reasons that money is a factor in divorce cases, a major obstacle that couples face is a lack of financial planning.

If couples are on the same page when it comes to their finances, it may help strengthen their marriage. In many families, one partner typically handles paying the bills, but each partner should understand the complete financial situation of the household. Couples might develop a workable economic plan together or seek the expertise of a financial advisor.

Spouses might consider communicating regularly regarding their finances. To avoid the premature end of a marriage, one authority on the subject suggests that it is crucial for partners to have a mutual trust and respect for each other and their financial situation. Couples can set aside a time to regularly review their finances together. It may be helpful to look at income and expenditures monthly. Building entertainment, savings and emergency funds into a budget can be another key to reducing household stress and maintaining financial harmony in the home. The spending habits of individuals vary, and studies show that more than 50 percent of families in this country lack even a modest savings.

Couples may divorce for many reasons, but when problems boil down to financial discord among spouses, emotions may run high, and the stresses of life can become difficult to overcome. Creating a financial plan early on in a relationship can be helpful, and an attorney who understands family law might assist couples who are considering a prenuptial agreement.

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