Research has indicated that financial woes can be a main predictor of divorce. That being said, it might be hard to as a potential mate just what his or her credit score is, or what their last year’s tax return looks like. But, as we’ll see, those kind of discussions can lead to healthier relationships, and marriages.
Different Financial Habits
Many couples in the U.S. don’t see eye to eye when it comes to managing their finances. “Having different money personalities in a couple is not unusual,” says financial advisor Andy Tilp says. “The differences can manifest themselves in many ways—saver vs. spender, controller vs. passive, or interested and even passionate about the subject vs. honestly having no interest.” Unfortunately, these types of differences can lead to serious conflict.
Money Disagreements Lead to Divorce
A 2013 Kansas State University study determined that disagreements regarding money can be a predictor of divorce. Conflicts over money lasted longer, involved harsher language, and also required longer periods of time for recovery than arguments regarding other topics.The study also took a look at how arguments and divorce were impacted by income, debt, and net worth. It concluded that regardless of how much money a couple has, conflicts about that money can still result in divorce.
What to Do
So what should a couple, fraught with debates about money and how to spend it, do? According to experts, communication is key. Not talking about finances can mean disaster, so try to make sure that both sides are being heard. Once both sides have shared their feelings, it’s important to find a common ground. If this cannot be done within the couple, then outside help might be warranted. Money problems are rarely easy, but once both sides are voiced, and a shared vision has been created, a couple can move forward and potentially avoid divorce.
Source: USA Today, NerdWallet: When couples disagree on money, October 26, 2014
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