Our country is undergoing a tumultuous time both politically and economically. The pandemic has forced the United States into its worst economic recession in nearly a century. Millions of people have become unemployed. The increased financial pressure has led many couples to decide that the time has come for them to get divorced. These are the top five common financial reasons couples get divorced.
Different Financial Goals
Every person has unique financial priorities. Many couples assume that they are on the same page financially when they get married, only to realize that they have vastly different goals when it comes to money. Perhaps you thought your spouse was a decent saver when you proposed, but after you got married, you realize that she spends every dollar she earns and is not interested in saving for retirement at all. If you are a saver and your spouse is not, you will likely become extremely frustrated about not being able to save money for your future and you might decide that a divorce is your best option.
Loss of Financial Control
When two people get married later in life, they are already used to controlling their own money. Giving up total control of your finances could be extremely difficult. You might be a woman who gave up control of your finances when you got married. Perhaps you decided to raise children in the home and your spouse has become domineering and too controlling about finances. The current economic crisis might have helped you realize that you wish to become financially independent again by seeking a divorce.
Credit Card Debt
The median debt of each American household is $2,300 and the average amount of debt currently stands at $5,700. For households that carry a credit card balance, the average amount of debt is $9,333. Additionally, 41.2% of all households carry credit card debt. Sometimes people get married only to learn that their spouse has been hiding significant credit card debt. Or, a spouse might rack up credit card debt after a couple becomes married, leaving the other spouse now responsible.
An Inability to Compromise on Spending Habits
People’s spending habits are another common cause for divorce. If you are frustrated about your spouse’s spending habits, you might have realized that nothing you can say or do will stop your spouse from overspending. You might be tired of watching your hard-earned income slip through your spouse’s fingers. The time might be right for you to seek a divorce and protect your livelihood and income.
Unexpected Major Expenses
Unexpected major expenses can cause extreme stress even in the best of times. Job losses, medical emergencies, unplanned necessary travel, and major home repairs are all unexpected expenses that can cause significant stress on a marriage. In the current economic climate, many couples are realizing that they need to get divorced as soon as possible.
Contact Our Experienced Divorce Lawyers as Soon as Possible
If you have decided that it is time to cut the cord, the lawyers at Glasgow & Olsson can help. Contact our law firm as soon as possible to schedule your free initial consultation.