You've likely heard that couples often fight about money and that it can ultimately push them toward divorce, but now you're wondering exactly what those issues look like. Are there some financial red flags you should watch out for?
Every relationship is different, but experts have noted some consistent trends. A few of the financial issues that tend to lead to divorce include:
- People who just do not value money the same way. One person loves to set money aside and save in every way possible, while the other thinks that money is just for having fun and spends all of the extra cash he or she can.
- Gambling. Some have said that no financial issues lead to divorce more than gambling. Even mild gambling can be seen as incredibly wasteful by a spouse, and excessive gambling can create massive debt and financial problems
- Making the relationship second to materialism. It's fine to want nice things, but this desire -- even when the things become too expensive to afford -- can break up the relationship. Couples often argue about what they should and should not buy, making both partners feel wronged.
- Not sharing responsibilities. The more "traditional" role is for a husband to be in charge of the bank accounts, budget and finances. However, couples need to have equal control or at least divide tasks through mutual agreement based on tangible skills -- being detail-oriented, for instance -- rather than traditional stereotypes.
- Not having a financial plan. Some couples want financial success and simply assume it will magically happen, not understanding that it takes work and planning.
No matter what your annual income looks like, these financial mistakes can derail a marriage. Make sure you know your legal options if that happens.
Source: Forbes, "5 Financial Mistakes That Ruin Your Marriage," Nancy L. Anderson, accessed Oct. 31, 2017