On behalf of Cobert, Haber & Haber Attorneys at Law posted in Divorce on Thursday, February 16, 2017.
Many people in New York do not give much consideration to their spending and saving habits before they get married. Conflicting financial behaviors can lead to crucial mistakes and financial difficulty. Financial matters are a leading source of stress in many marriages that can ultimately tip the scales in favor of divorce.
Hiding financial activity
According to CNBC.com, many couples hide assets from their partners so they can continue spending their money the way they want. By keeping their spouses unaware of their actions, they can avoid discussions on any bad financial decisions they make. This secrecy can become a great source of conflict when it is discovered and exacerbate other issues in their marriages.
Not collaborating on purchase decisions
Spouses who fail to discuss their financial decisions often experience conflict. It is important for them to be financially in tune with each other. This means they should discuss their finances and make decisions regarding major purchases together. Collaborating on purchases can lead to financial harmony and reduce conflicts and arguments.
Personal debt
Most people enter into their marriages with some kind of personal debt. This debt could be from student loans, credit cards and other things. Problems tend to arise when one partner has more financial baggage than the other, states Investopedia. One person may not be as concerned about their personal debt or spending habits as their spouse is. Personal debt can have a significant impact on a marriage, especially when a couple decides they want to purchase real estate or start a business.
Communication is very important for married couples when they are dealing with financial matters. They should strive for complete financial transparency and learn to identify and understand their personal and partners financial behaviors so they can become more financially responsible.
