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Financial Infidelity and Divorce

From incompatibility to infidelity, there are different reasons that couples decide to divorce. For many, however, money troubles appear to be the root cause of the couples’ problems.

Statistics from National Marriage Project at the University of Virginia note that spouses who argue about money at least once a week are 30 percent more likely to divorce that couples who have money conflicts one to three times a month. With the current economic climate, money issues understandably take on a different level of significance for many spouses.

Communication Not a Priority

Communication may be one of the keys to a healthy marriage. Most couples, however, avoid this practice when it comes to talking about money. According to a recent poll conducted by American Express, 91 percent of those surveyed avoided discussing money issues with their spouse or significant other. The survey also indicated that half of all respondents made a purchase that their spouse was against, while 30 percent went so far as to hide purchases from their spouse.

A HarrisInteractive poll from 2005 showed a similar trend. Though 96 percent of those surveyed believed it was both partners’ responsibility to help manage the household’s finances, nearly 30 percent had lied to their spouse about money. One in four respondents from the Harris poll said honesty about money was more important that being faithful.

Post-Divorce Financial Issues

While not communicating about money issues or properly budgeting the family’s money may have been a primary reason for the divorce, it is important to take the steps necessary to live on a successful budget after the divorce is final. Living off of one income, as opposed to two, can be a difficult transition for many people.

Debt from the marriage can also have a lasting effect on each person after divorce. It is important to ensure that any debt is distributed fairly; otherwise, one person can find him or herself shouldering a majority of the debt both parties helped create.

Working With an Experienced Attorney

Sorting out financial issues in a divorce and afterwards can be a complex process. If you are considering divorce, it is important to speak with an experienced family law attorney who can help you identify, value, and divide marital assets and liabilities fairly.