Financial disagreements a common cause of divorce

Disagreements over money are one of the leading factors among couples who go on to get a divorce. This is why some financial experts recommend for couples to talk about finances — what they have, what they owe and what they would like to have in the future — before actually getting married.

According to a 2009 study, those couples who argue or can’t agree on finances once a week, if not more, are 30 percent more likely to end up getting a divorce. Additionally, a recent survey conducted by Harris Interactive and the American Institute of Certified Public Accountants found that arguments stemming from money issues are more frequent than those caused by chores or children.

Along these same lines of disagreeing over money, financial infidelity can also lead to divorce. This is of particular concern considering the fact a survey found there are 6 million people in the U.S. who are hiding accounts from live-in partners and spouses.

Outside of financial infidelity in terms of secret bank accounts and investments, there is also the opposite side of the spectrum where a spouse either hides how much debt he or she has, or fails to mention past money troubles that could end up effecting a couple’s financial decisions now.

Of course the advice is for couples to be honest with each other about finances before getting married, but for many, it may already be too late. The fights may have already started, or one spouse may think the other is not being honest about money — past or present.

In those situations, if the issue does escalate to the level of filing for divorce, know that this is rather common and that there are plenty of divorced couples who have split for the very same reason.

Source: CNBC, “Avoid Divorce, Make a Date With Financial Planner,” June 7, 2012

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