Divorce is just a tricky, nasty business. It’s usually the end of a very long and trying time for both people. Yet, many see divorce as the beginning of something new. Along with divorce comes with the heartbreak of loss, regular mediations, meetings, and more. It’s the literal ripping apart of two lives.
With divorce, you’d think it would throw both parties into worse financial footing. In marriage, you have two people who combine everything. That includes finances. It’s simple math: two is more than one! But the reality is the opposite.
More divorcees are saying that they’re on better financial footing after the split. That’s almost mind-boggling! How does going from two salaries down to one make for a better financial situation? Well, when you consider the number one cause for divorce, you’d better understand.
Money Problems Cause Divorce
TD Bank created a poll that asked about people’s financial stressors. Relationships always ranks towards the top stressor. In fact, money problems are the number one cause of divorce in the United States. This survey also found it evenly split between men and women: finances are better after the split.
The main reason is simple. Couples are always fighting about money. Usually one person has a big spender and the other is a saver. They have a difficult time keep tabs on what the other person is doing. That causes major stress, especially when the bills are due.
The non-saver probably feels that their spouse is constantly nagging them. Life is less ‘fun’ when you’re married to someone who understands the importance of saving money. So, the battles continue to rage on until it ultimately leads to divorce.
44% of the former couples polled said they probably had a good fight about money monthly. This ties into other damaging statistics. 56% of women say they leave all the money-related decisions to their husband. The problem with that is, men are more likely to take financial risks with the money.
How to Fix the Problem
When you’re dating and falling in love, it’s difficult to pinpoint these areas that may end up being damaging. Most couples barely talk much about finances. They might do the math together and get excited about sharing salaries. They might inquire about debt, but that’s it.
Not knowing whether your potential spouse is a spender or saver isn’t a good thing. It needs to be hammered out long before the “I do”s are said. Make sure you’re financially compatible and have a good money plan going into marriage.
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Communication is always the key! Talk before making big purchases. If you have great financial communication, it might just prevent a divorce from happening.
