As the saying goes “Money is the root of all evil.” It’s also the root of many divorces, as many people can attest. In fact, more than 30% of people in relationships claim that finances are a huge issue.
People have different ideas when it comes to money. Some like to spend it, while others prefer to save it. Some think that debt shouldn’t be split. They may have different notions on who pays the bills.
That’s why it’s important to discuss finances with your partner – even before you say “I do.” You need to have a good idea of your partner’s money situation, debts and future plans for money. Otherwise, you could end up with much more debt than you bargained for. Be aware of these common money issues that lead to divorce.
Many people come into marriages with some form of debt, whether it be student loans, car loans or personal loans. This can be concerning to spouses who are debt-free. How will their spouse get back on track? Will the debt-free spouse be forced to pay off the debt? The good news is that you won’t be on the hook for any debts your spouse incurred before marriage.
You may like to save and invest money, while your spouse spends every dollar he gets. This can be frustrating in a marriage, especially when your spouse never has any money to pay the bills. Understand your personality and discuss it with your spouse. You should be aware of bad habits and find a way to address them so they don’t cause marital discord.
Many couples split the bills 50/50, which seems fair enough, but it often leads to resentment. Once the bills are paid, each person can spend the rest of their money. However, this plan doesn’t take into account retirement planning or emergency situations. What happens when one person loses their job or suffers a pay cut? Couples need to address these possibilities.
Having kids is a major decision. It’s also an expensive one. It costs, on average, more than $233,000 to raise a child until age 18. That’s not including college. And what if your child stays home well past adulthood? You need to consider all these costs. Can you afford one or more children? If one parent stays home or cuts back their work hours to raise children, how will this affect your marriage?
Money is a huge issue in a marriage. When one party doesn’t pull their weight or one spends too much money, it can cause serious problems and even lead to divorce.
If money problems are ending your marriage, get help from the Columbia divorce lawyers at the Law Offices of Todd K. Mohink, P.A. We can help you navigate the financial issues you’ll face in a divorce and alleviate your concerns. Contact us today by filling out the online form or calling (410) 774-5987. We have two offices to serve you.
7310 Ritchie Highway, Suite 910
Glen Burnie, MD 21061
30 Corporate Center
10440 Little Patuxent Parkway,
Columbia, MD 21044