Top Money-Related Issues That Lead to Divorce: Financial Control

According to family law firm OTS Solicitors, “Financial control can be a form of domestic abuse.”

It happens when one partner takes charge of all family finances. Initially, this seems like judicious financial planning that safeguards the family’s future. But if left unchecked and unchallenged, it can quickly escalate to excessive money control.

When one partner makes all the money-related decisions and dictates how the other spends their money, it’s a recipe for marital disaster.

Financial control can get worse–– a spouse buying a house solely in their name, asking the other to sign a loan agreement without giving them time to read and understand the document, and refusing the other access to a joint account.

Combining bank accounts can be a significant stressor for some couples if there is a lack of communication and trust between partners.

But for us, transparency is key.

All of our income goes into one joint account.

Most importantly, we don't look at who's the higher- or lower-earning spouse.

The most important thing for us is to cover our needs and pay our dues, specifically household bills.

Further, each of us has the same allocated budget. This is the portion of our combined income we can spend on anything.

This approach gives us the financial independence to express ourselves without exceeding our budget, hurting our joint bank account, or building resentment.

We also figured that the key for married couples like us is to be considerate of each other and learn to compromise.

Consulting each other before making major purchases helps prevent conflicts and fosters a sense of partnership.

We can easily decide on money matters by respecting each other’s input and finding creative solutions.

The Bottomline

Financial control in marriage can become a form of domestic abuse, where one partner dominates family finances.

Transparency and collaborative money management are crucial for fostering trust and avoiding conflicts.

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

Never miss the latest updates from us, so subscribe to our newsletter and YouTube channel, and follow us online!