Financial Causes of Divorce

Contact An Agent

Although there are many different reasons for America’s increasing divorce rate, financial conflicts are a usual scenario in a marriage, and are often a straining factor in the relationship. People who are reckless in their spending habits and are lacking the ability to procure a financial plan can negatively affect the relationship between their partner and the marriage itself. Arguing about financial matters on a daily basis also increases the chances a couple will file for divorce. It is important that both know how to manage their finances because in an unpredictable economy, unexpected changes such as a job loss or bankruptcy can ruin even a strong relationship.

Keeping the marriage afloat during a financial problem can be difficult. Some couples tend to choose filing for bankruptcy as a means to help them manage their financial problems caused by debts and money shortage. Options such as Chapter 13 bankruptcy can help in keeping certain possessions and properties, while having a repayment plan to clear out the debts. Choosing the right type of bankruptcy would allow debtors to manage their finances, properties, and assets better so that they can move forward debt-free. Having legal counsel during these times would help ensure that all debts are accounted for, properties and assets are protected, and debts which can be deductible are taken out of the repayment plan.

Money matters, and in a marriage, it can be a great factor that can cause a divorce. Many marriages have ended in divorce because of financial issues. Whether it is because of debts, budgeting, or even bankruptcy, money and finances in a marriage is one of the leading causes of the rising divorce rates in the United States. Whatever the reason may be for the money being tight, issues about money will put a strain of the relationship. If this pressure gets to be too much for even one partner, they may end up giving up the relationship and choose to file for divorce.