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How money problems can lead to divorce

Money problems are one of the main reasons couples in Kentucky and throughout the county get a divorce, but not all are the same. There are a few common variations, and there may be remedies for these issues.

A lack of communication is one of the biggest problems. Couples should make a point to sit down together once a month and thoroughly discuss their finances. This also may head off another common issue, that of keeping financial secrets. In some cases, a couple may need a marriage counselor to work through these problems.

Fundamentally different ideas about the role of money may also lead to a divorce. Some people are spenders while others are savers. Sometimes, these people end up in a relationship together, and this leads to conflict. The best way to resolve this is to make a compromise in which big ticket items, such as a home and the child's education, are saved up for while other money is set aside for spending.

However, there could also be a problem if the two have the same ideas about money. Two spenders in a relationship often create financial problems for themselves even when they have high incomes because they live above their means and fall into debt. They might be able to curb their spending with a detailed budget, but only if they stick to it.

Unfortunately, a divorce can introduce a new set of financial challenges. In marriages where one person was not forthcoming about finances, there could be an attempt to hide assets. Spenders might try to spend all the money in a joint account. However, actions such as these are not permitted and may adversely affect the person when it comes time for property division to be decided. People should also focus on their long-term financial well-being since a divorce can leave them less financially stable.

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Dietz & Overmann, PLLC
130 Dudley Road Suite 150
Edgewood, KY 41017

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