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How finances can cause rifts in a marriage

| Jul 10, 2018 | Divorce |

Finances may cause issues that eventually lead to divorce for some couples in Texas. One of the most common reasons money problems end a relationship is a lack of communication. Couples may be able to combat this by sitting down once a month and going over all financial paperwork and their spending and saving together. Communication problems are related to another common money issue, secrecy about money. If one person finds out the other one has a secret savings account, this could create a rift.

A failure to create an emergency fund is another common money error. This can result in financial problems for the couple which in turn can lead to divorce. Couples may want to look into having a small amount deducted from each paycheck to build up a savings account.

Many couples have mismatched ideas about money. Savers and spenders might be able to make their relationship work if both are willing to compromise. This means the spender agrees to put away money for major, important things, such as retirement or a home, and the saver agrees to set aside some money for fun. Two spenders could actually be more dangerous since they might tend to live above their means and find themselves constantly in debt.

Unfortunately, marital issues about money cannot always be solved. However, people should be aware that divorce will not automatically put a stop to money issues. In fact, many people suffer a lower standard of living after divorce. In part, this is because maintaining two households costs more than keeping one, but it could also happen because one person lets too many assets go during property division. People should not let emotions such as guilt or a desire to get the divorce over with quickly lead them to an agreement that leaves them more financially vulnerable than necessary.

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