Top Financial Reasons That Lead to Divorce
Money is among the top reasons cited for divorce, along with infidelity and lack of communication. Financial issues can cause stress in a marriage, especially if each partner has different spending habits or financial priorities. There are several money-related matters that lead to divorce; below are five of the most common.
Money-Related Reasons for Divorce
- Differing financial values – Couples often make the mistake of not discussing their views towards money, specifically spending and saving. This can cause fights when partners realize that their financial values do not align. Those who have different spending habits and financial goals are more likely to get divorced than those who have financial parity with their partners.
- Financial infidelity – This financial reason for divorce boils down to a lack of honesty and communication. When one spouse spends money without telling their partner, it can cause a breakdown in trust. In some cases, the secret spending involves large sums of money lost to gambling or other frivolous ventures, and other times it involves many small purchases that cause mounting resentment in the other spouse.
- Imbalance of power – When there is an imbalance of financial power between the spouses, conflict may arise. For example, if one spouse earns significantly more than the other, the higher-earning spouse may assume that he or she is in charge of making financial decisions for the couple. This can cause the other spouse to feel marginalized or as if they lack financial control.
- Keeping finances separate – Partners who manage their money separately are more likely to divorce due to their partner’s financial issues, according to a recent survey. Couples who keep their finances separate and do not communicate about money often separate due to financial infidelity. Transparency and communication about spending habits, income, and savings can help couples avoid divorce.
- Not seeking help – Many couples would benefit from pre-marriage financial counseling. Talking to an impartial expert can help couples get on the same page and avoid future resentment. Sometimes, it is also in a couple’s best interest to look into drafting a prenuptial agreement.
Divorce in Maryland
In Maryland, at least one spouse must be a resident for at least six months prior to filing for divorce. Typically, spouses in Maryland must also be separated for one year prior to obtaining an absolute divorce, meaning that they must live separately for 12 months before the divorce hearing. However, the Divorce by Mutual Consent clause allows couples to file for an uncontested divorce without being separated for 12 months provided they meet certain requirements. There are also time limitations, various grounds for divorce, and other legal options to consider. Therefore, those seeking divorce should speak with a qualified attorney in their local area to discuss their case.
Baltimore County Divorce Lawyers at Huesman, Jones & Miles, LLC Assist Clients in Resolving Financial Issues
Whatever the reason for your divorce, an experienced Baltimore County divorce lawyer at Huesman, Jones & Miles, LLC can help. For more than 30 years, our knowledgeable attorneys have provided comprehensive legal services to clients throughout the state. To schedule a free consultation at our Hunt Valley or Towson location, please complete our online contact form or call us at 443-589-0150.
Areas we serve include Baltimore, Baltimore County, Bel Air, Bentley Springs, Columbia, Freeland, Hereford, Hampton, Westminster, Essex, Monkton, Sparks Glencoe, Parkton, Phoenix, Pikesville, White Hall, Carroll County, Harford County, Howard County, Maryland.Posted on . This entry was posted in Divorce, Prenuptial Agreements, Uncontested Divorce. Bookmark the permalink.