Financial struggles are widely cited as a reason couples get divorced. While other issues can lead to these kinds of legal separations as well, money is one of the most common factors. That’s why newlyweds should take the time to prepare for matrimonial success. By understanding what kinds of missteps can lead to relationship troubles, it’s possible to avoid them. With that in mind, here’s a look at five financial mistakes newlyweds make that end in divorce.
5 Financial Mistakes Newlyweds Make That End in Divorce
1. Valuing Things More Than the Relationship
When one or both partners lean toward the materialistic, there’s a good chance the relationship will experience challenges. Valuing things more than the relationship can lead to conflicts even if there’s plenty of money to spend. It can cause the focus to drift away from their partner and onto physical items, and that’s a recipe for frustration and resentment.
However, if the budget is tighter, one or both partners’ materialistic tendencies can derail the financial well-being of everyone in the household. In that case, you’re adding money struggles into the mix, and that can easily put newlyweds on the path toward divorce.
2. A Lack of Visibility into Spending and Debt
After getting married, many couples divide up various financial responsibilities. While it can seemingly make sense for one partner to take the reins in specific areas, that approach can lead to issues.
If the other partner feels in the dark about what’s happening with the household’s money, they may become fearful or resentful. If they’re not clued in about the budget, they may accidentally overspend, too, since they lack visibility into the bigger picture.
Similarly, not being in the know about debt accumulation is problematic in many cases. If one partner is maxing out credit cards, taking out loans, or something similar, without their spouse being aware, when the uninformed partner learns of the debt, they may experience a range of negative emotions. This is particularly true if the spouse that didn’t know is financially cautious and debt-averse, and it could be enough of an issue to lead to divorce.
3. Hiding Money
While there are plenty of situations where newlyweds may choose to maintain some separate financial accounts, stashing cash that a spouse isn’t aware exists is problematic. When the spouse finds out, the hidden money could be seen as a breach of trust. It may also come across as a threat as if the other partner is preparing for an escape from the relationship.
Now, this issue doesn’t arise just because couples have separate accounts. The problem emerges when money is being set aside secretly. It’s often considered a form of financial deception, and that’s a situation that can lead to divorce.
4. Not Talking About Financial Attitudes
One of the most common financial issues newlyweds encounter is having a financial attitude that differs from their spouse’s mindset. The most classic example is one partner being a saver while the other is a spender, but that’s not the only possible disconnect. Any varying viewpoints on how money should be used or saved can cause conflicts.
While this is a situation that is resolvable, if newlyweds don’t talk about their financial attitudes with each other – including why they each have their particular mindset – it’s hard to get on the same page. And if they don’t, there’s a good chance that the actions of one spouse will frustrate the other, possibly to the point of leading to a divorce.
5. Not Having a Plan
Many newlyweds have financial goals, and they may even talk about them openly with their partners, securing their buy-in. However, a goal without a plan of action can actually cause struggles. It may leave newlyweds feeling like they’re spinning their wheels if they don’t think they’re getting closer to the target. In some cases, they may even judge their partners spending or saving habits because they think those patterns are holding them back from their goals, with the partner not knowing their actions would be viewed as contentious.
Essentially, not having a plan means spouses aren’t necessarily on the same page about how they should handle their money. It creates a form of disconnect, and if the situation gets severe enough, it could lead to arguments that snowball into a divorce.
What to Do If You Need to File for Divorce
While many couples can successfully work through various financial challenges and remain together, issues with money can also lead to irreconcilable differences or other situations that make splitting up the right choice. But even if getting a divorce may seem like the best (or only) option, it’s normal to worry about the cost.
If you want to minimize how much you’ll need to spend on your divorce, checking out 3 Step Divorce is worth doing. If you qualify, you go through three straightforward phases, and once they’re done, you’ll have everything you need to file for your divorce with your local court.
For those who don’t qualify, there are other options. You may still be able to use a DIY approach or might be able to use mediation as a starting point to streamline later parts of the process. However, for some, getting a lawyer is the best move, especially if the situation is complex or particularly contentious. Just make sure to check out all of your options before you commit to a path. That way, you can find the simplest, most cost-effective strategy available.
Do you know of any other financial mistakes newlyweds could make that may lead to divorce? Did you experience some of the challenges above in your relationship and want to tell others about why it did or didn’t lead to divorce? Share your thoughts in the comments below.
Read More:
- Beating the Odds of Divorce
- Should You Go to Couples Financial Counseling to Avoid Common Money Fights
- Did You Know That This Is the Cost of Divorce?
The post 5 Financial Mistakes Newlyweds Make That End In Divorce appeared first on Newlyweds on a Budget.
