Financial problems are the number one reason why people get divorced. In fact, some experts even suggest waiting to get married if you are carrying a lot of debt.
Obviously not an option if you’re already married, struggling, and in trouble.
Why does debt make couples fight?
You certainly don’t walk into a financial conversation with the intention of getting into it with your partner. So what happens?
In some cases, the disagreement stems over deciding who is responsible for the debt. Differences in spending habits can also cause problems, or disagreements about how to allocate scarce resources. Even simple forgetfulness can create financial havoc.
Sometimes debt is just stressful and overwhelming. Tempers explode for no reason at all.
Can you protect your marriage while tackling debt problems?
Possibly! It will require you to be very strategic. It will require long, frank discussions about your situation.
It will also require a realistic assessment of the situation. Don’t make a plan based on cutting more expenses if you’ve already cut your family budget down to the bone.
See also: The Link Between Bankruptcy and Divorce.
Grit and frugal living aren’t always enough.
While there are plenty of financial gurus who are convinced everyone can get out of debt if they just eat enough rice and beans, that’s not always the case. People can get in over their head well beyond their ability to repay, and it can happen for a variety of reasons.
Bankruptcy might be your best option. Many couples wait way too long to file. Those who do often find their sudden financial freedom is a breath of fresh air which helps them save their marriage.
Of course, wiping out all (or most) of your debts isn’t going to be enough if financial infidelity, a lack of accord on how to spend money, or other bad habits have created financial chaos in your life. Once the case is done you might consider sitting down with a financial advisor or other professional to figure out how to make the most of your fresh start. Or you might try downloading a budgeting app that could help you approach your finances in a new way.
Is your marriage struggling under the heavy weight of marital debts? Contact us for a free consultation today. We’re ready to help!