3 Signs Your Marriage Is in Financial Trouble
Written by
Chris Adam
Edited by
Zuri Anderson
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You’ve probably heard that keeping secrets is bad for marriage. In the case of marital finances, what you don’t know could seriously hurt your relationship.
In fact, according to the Institute for Divorce Financial Analysts, money issues are one of the leading causes of divorce. Specifically, here are three signs your marriage may be in financial trouble.
You Don’t Know the Status of Your Spouse’s Finances
“Each couple has to decide how to share expenses and what works for them, but if you do not know that your spouse is incurring more debt each month, you cannot make informed decisions,” said Ashley F. Morgan, bankruptcy and debt attorney at Ashley F. Morgan, Law PC.
“At the end of the day, it is impossible to be financially successful in a marriage without knowing what the status of your spouse’s finances are.”
Specifically, according to Morgan, you should know your spouse’s income, assets, expenses, and debts. You may find it easier to do all of this with a joint account — but there can be advantages to keeping finances separate for some couples.
You Don’t Have Shared Financial Goals
Morgan said that while it’s healthy to have separate goals, spouses should also be working toward some joint goals and progressing in the same direction.
“Being on the same page with expenses becomes important to show that you and your spouse are in sync,” Morgan said. “You are not going to agree about everything — nor should you — but following a similar track means that you will be able to address any financial issues together.”
For example, per Morgan, If one spouse is paying off debt, the other spouse could be saving money for the future or covering more of the household expenses to ensure the household is improving their financial stability. But, if one spouse is paying off debt and the other is incurring more debt, then you are really on two different paths.
Finances Drive the Majority of All Arguments
Morgan said money is a major cause of fights and divorce.
“Healthy couples are going to disagree about financial issues, but the important part is talking about the issue and coming up with solutions,” Morgan said. “If you fight about every financial decision or major financial issues come up on a daily or weekly basis, then it is probably a sign that you are not on the same page as your spouse about money.”
According to Morgan, many couples have the spender and the saver dynamic, but it doesn’t typically cause big fights. Most of the time, the different dynamics create checks and balances to ensure you are working toward a goal, but enjoying yourself along the way. Too many fights about finances lead to fights about other things, per Morgan.
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