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Five Money Issues That Can Destroy Your Marriage

by Norris Law Group on April 24, 2014

financial_divorce_150Arguments about money can be a harbinger of upcoming divorce, especially if these arguments occur early in a marriage. Ben Luthi cautions married couples about five separate financial issues which can negatively impact marriages in an April 18, 2014 article in the Deseret News.

  1. Debt. Many people enter marriage with some sort of “financial baggage.” Debt can lead to trouble if discussions about budgeting and paying off the debt turn negative. This can be particularly problematic if one spouse has more debt than the other, or if one spouse entered the marriage with no debt at all. Debt can be an “albatross around your neck” that stops your financial plans cold—sometimes for years.
  2. Personality. Personality is one of the biggest influences on how one manages finances money. A couple might go into marriage debt-free, but problems may arise if one spouse is a saver and the other a spender.
  3.  Income. It can be easy for a spouse with a higher income to initiate “power plays” against the other as to money is to be spent. This is sometimes known as “financial bullying.” Unemployment or underemployment for one spouse can make matters even worse. Yes, one spouse may make more money, but couples should ideally work as a team toward common financial goals.
  4. Extended Family.  The parents of one spouse may want a couple to spend money coming for a visit out-of-state, while the other his unemployed brother’s family. Before long, one spouse is agreeing to things he or she doesn’t really want to do because “family is most important,” while the other spouse is wondering why “our” needs aren’t the top priority. If one spouse’s parents offer to pay for vacation expenses and gifts and the spouses parents are not, that can also lead to problems. Extended family can “extend” all the way into your wallet.
  5. Yours, Mine and Ours. Some couples conclude that their financial “styles” are just too different, and use separate bank accounts. While this may actually be a good solution, it may lead to resentment over individual purchases made by either spouse. It can also affect the couple’s joint savings ability, retirement and travel plans, etc.

Luthi suggests getting professional help from financial planners, therapists, etc. if money is coming between you and your spouse. Open and honest discussions about money—and about all issues affecting you—should help keep a marriage together.

Attorney Graham Norris and his associates at the Norris Law Group serve the residents of Utah County and throughout Utah in the area of divorce. Contact them today at 801-932-1238 or online for a free consultation.

{ 1 comment… read it below or add one }

Ben Luthi April 24, 2014 at 5:56 pm

Thanks for sharing, Graham!

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