Top Money-Related Issues That Lead to Divorce: Debt Accumulation

Debts can be a significant source of stress in a marriage, especially if they are left unaddressed or, worse, hidden.

That's why the findings of a 2021 National Debt Relief survey are not surprising. Accordingly, 54% of people in the US believe having a spouse with debts is a major factor in considering ending a marriage.

The survey also found that 60% of people in the US have considered putting off marriage just to avoid inheriting a person's debts.

Dr. Regine Muradian, a National Debt Relief Financial Wellness Board Member, noted, “Debt can cause conflict and friction in a relationship.”

When we started dating, Gabes had some debt with a few credit cards and a student overdraft. Anna, to help him sort out this financial burden before it gets bigger, confronted him about it.

Gabes did the right thing and paid off his debt.

Now that we’re married, we hold each other accountable to ensure we don’t overindulge.

It's easy for a married couple to feel and act financially powerful after getting a joint account and combining their incomes.

Couples must be mindful of their impulses. Otherwise, they might make a series of poor purchasing decisions and develop bad spending habits.

Living within our means has always been a priority for us.

We've established a rule of thumb to consult each other before making any significant purchases.

This consultative approach allows us to weigh the pros and cons together.

Further, we value the importance of creating a realistic budget and sticking to it, even when tempted by the allure of luxury or extravagance.

We can avoid falling prey to impulsive spending habits by exercising discipline in managing our family money and keeping our long-term goals in mind.

For us, making mindful spending choices is the best way to avoid overspending and safeguard our financial stability.

Accountability plays a crucial role in dealing with all debt-related issues in a marriage.

Of course, open and good communication is also vital.

“It’s all about communication and how each partner views their debt,” emphasised Dr Muradian.

A married couple has to make concerted efforts to discuss their debts, if any.

We work together as we plan to pay off our debt diligently.

By facing our money-related challenges head-on and together, and supporting each other along the way without prejudice, we can overcome debts and confidently move forward in life.

The Bottomline

Debts can significantly strain marriages if left unchecked.

By prioritising mindful spending, realistic budgeting, and joint decision-making, couples can navigate financial challenges together, and even cultivate stability and unity in the process.

Open communication and accountability are crucial in addressing financial issues within a marriage. Mutual support and concerted efforts allow couples to manage and overcome debts effectively, paving the way for a more secure future together.

Know more about the top money-related issues leading to divorce here.

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