Divorce: What part do finances play in your decision?

Divorce: What part do finances play in your decision?

| Sep 24, 2020 | Divorce |

Whether it’s been 20 or more years since you walked into a Kentucky church or courthouse to get married — or fewer than 10 or 5, if you’ve determined that things aren’t working out, you might be facing some serious decisions. Perhaps, you’ve recently filed a petition to divorce or are still thinking things through.

It’s helpful to analyze the top issues that have prompted your marital problems. If you’re like many other Kentucky spouses, finances might have a lot to do with the tension between you and your partner. Understanding what has led to your divorce may help prepare for proceedings, especially if you can set clear goals for a settlement.

How often do you argue about money?

Do you know that arguing about financial issues is a number one cause of divorce in this state and throughout the country? If you and your spouse were always fighting about money, you may have ultimately decided that you’d simply rather move on in life alone than keep locking horns over finances.

Fighting over money is a big stress inducer. Stress in a marriage can be a heavy burden, and if it reaches a certain point, the relationship might crumble under the pressure. If this is what happened in your marriage, you’re definitely not alone in your struggle.

Spouses often argue about money if their attitudes toward it differ

Your parents may have raised you to value every penny and to save more than you earn. Perhaps, your spouse’s upbringing was more carefree regarding finances. If one of you always stresses the importance of saving money and the other likes to spend it at will, this can create tremendous stress in marriage.

Does your spouse say you are a nag about money matters? Do you feel like he or she is careless or irresponsible? Such issues are often key factors toward one spouse’s decision to file for divorce.

Were your financial goals vastly opposed?

From the time you got married, your primary goal may have been to save enough money to buy or build a new house. If your spouse’s top goals included going back to college or traveling the world, your ideas may have clashed and caused many an argument over finances.

Credit card debt is another big problem

So many married couples run into debt when unforeseen circumstances arise that they’re not prepared to meet. For instance, perhaps you and your spouse have been paying medical bills with your credit card. Maybe your car broke down and you used credit to get a new one.

Financial issues can follow you into the courtroom in divorce

When you decide to divorce, you must resolve all issues pertaining to your children, your assets and liabilities, and to all other money issues as well. The judge overseeing your case will determine a fair division of assets. He or she will also decide whether someone should pay alimony or child support and, if so, by whom, how much and when.

Full disclosure is necessary on both sides in order to achieve a fair settlement. If a financial issue arises in your divorce that you don’t feel equipped to handle on your own, you shouldn’t hesitate to reach out for additional support.