A surprising 48% of married or cohabitating Americans say that they argue about money. Most money-related arguments are about spending habits. About 60% of people say that their partners either spend too much money or are too frugal. Couples may also argue about how to divide financial obligations in a relationship or use household funds wisely. If any of these sounds familiar to you, studies show that fights about money can increase the likelihood of divorce. According to TD Ameritrade, 29% of divorced Baby Boomers and 41% of divorced Gen Xers say their marriages ended primarily because of financial disagreements. If you’re a Virginia resident and you need to know more about financial obligations and divorce, here are some important things you should know.
Are financial disagreements common in marriage?
Studies who that disagreements about money tend to predict divorce more often than other marital issues like disagreements over spending time together or determining who is in charge of household tasks. Often, one person in the marriage is the spender, and the other is the saver. These two conflicting ideas about money can cause people to butt heads or even manipulate one another. The conflict often ends in a family law court.
Having the conversation about money
It’s rarely easy to talk about money or to find the right time to speak to your spouse about financial matters. Instead of blurting out your frustration, it’s best to set aside time to discuss finances and to minimize family law disputes.
A family law attorney is a valuable resource if you and your former spouse want to ensure that money and assets are properly divided in a divorce. Working with an attorney throughout your divorce proceedings increases the likelihood that you’ll get the settlement you deserve.