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The financial disputes behind many divorces

On Behalf of | Mar 1, 2024 | DIVORCE - High-Asset Divorce

While there are numerous different causes of divorce, financial disputes are at the heart of many separations. Living together permanently tends to mean that couples have to share resources, and this doesn’t always go according to plan. 

Financial disagreements are frequently cited as one of the main causes of divorce. Here are some of the leading financial disputes between couples that can result in divorce. 

Undisclosed debts 

While married couples may be close, each partner tends to still have a lot to learn about one another. One financial issue that can create a lot of tension is undisclosed debts. A partner may not have been completely open about their debts prior to entering the marriage. This can complicate the relationship as debts can restrict what couples can do financially. For instance, someone in significant debt may not be eligible for a joint mortgage or any other type of loan. 

Spending habits 

Another financial issue that can create tension between married couples is spending habits. One spouse may be a saver while the other likes to spend every penny they earn on enjoying life. There is no right or wrong approach, but it’s important that partners are on the same page or can at least compromise. 

A partner may realise that major purchases, such as a home, are just not feasible with their spouse’s spending habits. Or, the other spouse may become frustrated at their partner’s unwillingness to partake in fun but expensive activities. 

If you and your spouse are not compatible financially, then divorce may be inevitable. Seeking as much legal information as possible will help to protect your interests.