People in Virginia often come into their marriages with very different money habits. Some may be savers, while others may be spenders. It can be a sticking point for a while, until a couple comes to a consensus about how to handle their finances. Unfortunately, financial matters are fraught with difficulties, especially if couples just can’t agree about whether to spend or whether to save. In fact, according to one article, some studies report that financial disagreements are the primary reason couples get divorced.
One reason a couple might run into financial issues is if they do not have much in the way of savings. The aforementioned article states that 50 percent of families in the United States have under $1,000 stashed away for emergencies. This can put stress on a person’s marriage. This is true when an emergency situation comes up or if it means that the couple is living paycheck to paycheck.
Another reason financial issues could lead to divorce is if one spouse tries to hide money from their partner. This causes mistrust when the hidden assets are discovered. And, this mistrust can eventually spill over into other marital issues.
Also, sometimes couples have very different opinions on how to handle money. A spouse may be a spender, who may not think much about future needs, or a saver, who stresses over what they will need financially in the future. When couples can’t see eye-to-eye on this issue, it could be the cause of many arguments that go unresolved.
While money issues can unravel a marriage, it is important to understand that they do not stop there. A couple going through a divorce will still face decisions that deal with money. Dividing assets and debts will need to be addressed. Couples may need to determine whether spousal support should be paid, in what amount and for how long. And, if a couple has children, one spouse may need to pay child support to the other.
Sometimes, just as in their marriage, couples cannot agree on financial matters post-divorce, and the issue will go before a judge. Other times, however, couples can work together out-of-court to reach a settlement on these divorce legal issues. Since divorce issues involving money can affect a person for years to come, it is important that a fair and appropriate result is reached.