Generally, most couples get married because they feel compatible and hold a genuine belief that they are partners for life. Nonetheless, married life tends to bring significant changes.
A single person may not be used to pooling their financial resources with someone else or even discussing financial matters in any great detail. While money isn’t everything, it can allow spouses to plan and build a future together.
Financial disputes are often cited as one of the main reasons for divorce. Outlined below are some of the more common financial disputes that married couples face.
1. Undisclosed debts
Couples don’t learn everything about one another before getting married. In fact, they often only display their “best bits”. It’s possible that a spouse is embarrassed of debts they incurred before the marriage, and kept these hidden from their partner.
It may fall on spouses to clear these debts using their joint incomes, which may be resented by the spouse who has inherited the debts.
2. Different financial priorities
Spouses can have different dreams and ambitions, but it’s important that there’s at least some compatibility when it comes to finances. For example, the top priority of one partner may be to travel the world before they get older. On the other hand, their spouse may want to start a family and purchase a new home, which costs a significant amount of money.
It’s not feasible for most couples to do both of these things at the same time, so difficult conversations may need to be had. These are obstacles that many couples fail to overcome.
If your marriage is showing signs of being in trouble, then it’s important to think about protecting your financial interests. Seek legal guidance to discuss your options in more detail.