Couples may fight over money. Unfortunately, this fight can damage marriages. And studies show that many couples choose to file a divorce because of financial issues. If you are thinking about divorce, a sandy divorce lawyer will keep your best interests in mind, especially in terms of your marital assets. The following are the most common money issues marriage couple may fight over:
A lot of couples don’t share a bank account and decide how they will split the bills and keep what’s left in their individual accounts for personal spending. Although this plan can work, it can also build resentment between spouses over purchases each spouse makes. Splitting finances will eliminate the financial value of their marriage. Also, it can result in one spouse making financial moves without the other knowing it, damaging trust between spouses and leading to divorce.
Differences in How Each Spouse Handles Money
Spouses can differ in their spending habits. If one spends a lot and the other saves, this can result in friction. Also, if a spouse loves to take risks while the other prefers to avoid them, conversations about finances can be uncomfortable. This can also result in marital conflict. But, couples can work out this difference by understanding where the other is coming from or reversing roles on how they handle finances for some time.
One Spouse Has More Debt than the Other
Arguments can easily arise over debts in marriage. In Utah, marital debts are divided in the same way they divide marital assets. Debts in marriage are divided equitably in divorce proceedings. This is true even if the debt is only in one spouse’s name. But neither spouse is liable for a spouse’s debts incurred before the marriage occurred.
Lack of Individual Accounts
Some couples prefer to combine all finances into a joint checking or savings account. But, this can lead to one spouse feeling like they have a discussion with the other whenever they want to make even a minor purchase. Although it is a good idea to share a joint account to cover routine expenses for the family, this might not work out the best for individuals. A good option is to create a shared account for the daily expenses both spouses will share while maintaining individual savings and investment accounts. This way, each spouse can make purchases or saving decisions without feeling like one must ask the other for permission at all times.