Family Law Blog

Common Financial Mistakes That Can Lead to Divorce

By Denver Divorce Lawyer on December 29, 2011

According to Money Talks News, a recent study affirms that almost 25 percent of all married couples hide financial affairs from their spouse in the U.S. The National Foundation for Credit Counseling (NFCC) points out that financial stress is a common reason for divorce, as demonstrated by court records. A study from 2009 also supports this claim, stating that money problems are one of the leading predicators of divorce, preceded only by drug abuse and infidelity. In order to avoid a financial situation that could lead to divorce, it is important to be aware of the six common money mistakes couples make:

1. Lack of or Poor Communication

   Money is often treated as the elephant in the room by married couples when it is, in fact, one of the most important topics needing discussion. Talk to your significant other about finances early on in the relationship so that there are no surprises later on.

2. Secrets

   Many married couples hide spending from the other, be it a small or big purchase. For some, it has to do with not feeling like a child who must ask for permission. This can end up creating more problems in the long run. Secrets are secrets, regardless of what is being hidden, and secrets take their toll on a marriage.

3. No Budget

   Keeping track of who spends what can be very difficult without a budget. Making sure both spouses are responsible for adhering to a set budget can ensure that there is always enough money for fixed monthly expenses and that neither spouse overspends.

4. No Will

   Married couples need to be financially prepared for the inevitable. Hashing out the financial details of a will can ensure that both spouses are prepared.

5. Ignoring Differences in Spending Habits

   Just because one spouse likes to shop and the other likes to save does not mean they should not try to find a common middle ground. Leaving each to their own will only exacerbate financial problems in the future.

6. Sharing is not Always Caring

   It may not be practical to share everything, especially early on in a relationship. You may find yourself in a situation that leaves you financially indebted or insecure.

There are various reasons why a couple may decide to divorce; some are preventable, but oftentimes, marital troubles cannot be worked out. If you are considering divorce in Colorado, the dedicated Denver divorce lawyers at Kaplan Law, LLC, can help you understand your legal rights and options so that you can make an informed decision. Contact us today at (303) 458-5500 for a consultation.