According to recent studies, money is the second leading cause of divorces in America. Although, this information may not shock you, it may be important to dive deeper into the general topic of money that causes so many marriages to end. Therefore, your Orlando Divorce Attorney has compiled a list of the top financial reasons causing couples to seek a divorce from their spouse. Discussing your specific financial situation with your Orlando Divorce Attorney is important and being able have an open dialogue about the financial matters surrounding your marriage could only lead to benefit you in your divorce proceedings.
Views Toward Money: When a couple has different views towards money, this can result in a large discrepancy and confusion when reviewing a joint bank account as a couple. If one spouse is focused on saving and penny pinching, they are likely to desire a significant amount of savings be placed away each month. In contrast, if the other spouse desires to spend now and enjoy life, rather than save for future expense or experiences, there will not be money left at the end of each month for the saving spouse to move over to a savings account. Although, this may not be an issue at the beginning of the marriage, overtime, the constant battle between spending and saving can come to a head. The saving spouse may view the spending as a form of disrespect, while the spending spouse views the limitations as a form of control. It is critical to have these discussions with your spouse about how you view your money and wish to spend or save it. Without a conversation, tensions, and resentment will build and can ultimately lead to divorce.
Mismatched Financial Goals: If you and your spouse are on the same page regarding saving and spending that is great. However, it is also important to have the same financial goals. If both spouses are saving oriented and agree that money should be put away for the future that makes budgeting on a monthly basis easy. However, issues begin to arise when the time comes to spend the money the couple has been saving together, and they have different goals and ideas on what to do with it. One spouse may have thought they were saving for the purchase of a home, or a child’s college fund, while the other spouse put away the money for elaborate vacations and quality time to be spent with their spouse. Without an alignment in the goals for where money is going, the couple will face a great deal of contention when one spouse wishes or chooses unilaterally to spend the savings as they wish on their specific goal.
Debt: Finally, and likely, the most common financial reason for a divorce is the overwhelming debt between a couple. Unfortunately, debt is an issue that follows you from your single life and into your married one. Therefore, a single spouse may be debt free when entering a marriage while the other brings in a large amount of student loans, car loans, or credit card debt. If a candid conversation is not had between the couple prior to entering into the marriage, regarding their personal debts, the amount may become a large factor and point of contention. Further, when involved in a marriage, you may also accumulate a great deal of debt together as a couple. This may include a home mortgage, new car loans, or even loans taken out to pay for your wedding. When a couple does not have a grasp on the amount of debt being accrued, as well as designating the obligations to pay them to each partner, the numbers only increase and become a source of heated arguments and ultimate divorce.
Whether you are considering a divorce due to financial issues in your marriage or for other reasons, seek out an experienced Orlando Divorce Attorney to assist you during this difficult time. We are knowledgeable and will protect your rights throughout this sensitive process.
Speaking to an attorney at our Orlando office is free of charge, and we accept calls 24 hours a day, 7 days a week. Contact us at 407-512-0887 or complete an online contact form to get in touch with a member of our team today.