The 6 Most Common Money Mistakes That Can Lead to Divorce

By Nottage and Ward on December 27, 2011

A recent article in Money Talks News cites a study which claims that nearly 25 percent of all married couples in the U.S. hide financial affairs from each other. According to The National Foundation for Credit Counseling (NFCC), financial stress is one of the leading reasons for divorce. A 2009 study also affirms that money issues are one of main predicators of divorce, following drug abuse and infidelity. In order to avoid supporting these statistics in your marriage, it is important to know what the most common financial mistakes are:

1. Communicating Poorly, or Not at All. Money is one of the most important topics a married couple should discuss, especially early on in the relationship. Know everything now, no surprises later.
2. No Budget. Keeping track of who spends what is necessary to ensure that overspending does not jeopardize your ability to pay your fixed monthly expenses. If there is no budget, then the possibility of falling into debt is that much greater.
3. Secrets. Many married couples hide spending from their spouse. For some, it may have to do with independence or the psychological need to not be treated like a child. Secrets are secrets, however, and secrets compromise trust.
4. Ignoring Differences. It is important to find a financial middle ground. If one spouse likes to spend and the other likes to save, there needs to be compromise to avoid financial stress.
5. No Will. Discussing finances involves more than just the “now.” Married couples must also be prepared for how their finances are handled in the future.
6. Sharing. Though it may be romantic to just combine your finances and be “one,” it may not be practical, especially in the early stages of a relationship. You may want to find out more about your spouse’s finances and financial opinions first.

Open communication about financial matters is very important for a married couple. Sometimes, however, the differences or problems between spouses cannot just be talked out. If you are considering divorce in Illinois, the knowledgeable Chicago divorce lawyers at Nottage and Ward can provide you with the guidance and support you need during such a difficult time. To find out more about how we can help you, call us for a consultation at (312) 332-2915.