Reexamining Links Between Financial Problems and Divorce
If financial matters were easy in all marriages, would fewer people in Tampa and throughout the state of Florida get divorced? A recent article in MarketWatch suggests that money problems are cited as a key factor for divorce in most relationships that ultimately end in divorce. If we knew how to “financially divorce-proof” a marriage, would we see a decline in the overall rate of divorce?
At the very least, the article suggests, couples considering marriage should think carefully about the role finances will play in the marriage so as to prevent divorce. Based on data from a study conducted by Experian, nearly 60 percent of married couples consider financial issues to have been a factor in their decisions to get divorced, but there are ways to safeguard your relationship when it comes to the repercussions of economic difficulties.
Impact of Finances on Relationship Problems and Divorce Filings
As we mentioned above, a 2017 study from Experian showed that almost 60 percent of married couples who recently filed for divorce said financial difficulties in their relationship played at least “somewhat of a role” in their ultimate decisions to dissolve their marriages. But for some couples, financial problems played an even bigger role. For about 20 percent of people who recently filed for divorce, financial issues “played a big role,” and about 26 percent of recent divorcees indicated that “their spouse’s credit score specifically was a source of stress in the marriage.”
To be sure, financial issues play a major role in relationship struggles, and ultimately in divorce decisions. While it may be helpful to meet with a financial planner during the marriage to help develop a budget and to make a viable financial plan, it can be more useful to figure out finances prior to the marriage.
Tips for Financial “Divorce-Proofing” Before Marriage
The following are some recommendations for helping to deal with the possibility of financial problems in a marriage before the wedding occurs:
- Consider a prenuptial agreement: although only about 2 percent of Americans currently have premarital agreements, they can help to clarify a number of financial issues during the marriage and in the event of divorce;
- Be transparent about your finances: it is important to be up front with your partner about your financial state, and to be honest about money issues, including credit scores and debt;
- Develop a financial system for the marriage: before you get married, develop a plan for combining your finances (or keeping your finances separate) and paying household bills and expenses); and
- Set goals for a joint financial future: you should plan your future—and your future finances—together, taking into account planning for buying a home or other major purchases.
Contact a Tampa Divorce Lawyer
While making plans to stabilize finances during a marriage may help to prevent divorce in some cases, it is important to recognize that there are many other reasons that couples decide to get divorced. If you have questions about the divorce process in Florida or need help getting started, an experienced Tampa divorce lawyer can speak with you today. Contact Bubley & Bubley, P.A. for more information about the services we provide to families in Florida.