monetary cause divorce - Chicago Illinois Family Law Blog
The 6 Most Common Money Mistakes That Can Lead to Divorce
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:
- 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.
- 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.
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