There are many reasons why couples get divorced, but financial issues often play a role. You may have heard of couples splitting up because one person was struggling with an expensive addiction and the family couldn’t make ends meet, for example. Divorce could also be triggered by someone making a major purchase – such as buying a home – without consulting the other person.
But it doesn’t have to be this dramatic. A situation where two people simply look at money in a different way can be enough to lead to a divorce.
Spending versus saving
One of the most obvious ways that this occurs is when one person values spending and the other person values saving. This can happen when the first individual thinks that spending money will give them the experience that they want out of life, so they view money as a way to create that experience. The second person views money as a way to create stability and security, so they want to save as much as they can.
Both approaches to money can be argued as the correct one, so this isn’t as much about determining how people should look at money. The problem is just that when people have two very different philosophies, they often feel like they are working against one another. This can be harmful to a marriage and may eventually lead to divorce if the couple can’t figure out how to compromise or agree.
The financial side of divorce
If this happens to you, you know how important it is to protect your financial future. Make sure that you know about all the steps you can take during your divorce.