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Caree Brown L.C.S.W. Psychotherapy

Individual, Couples, & Family Therapy

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How Finances Impact Divorce for Couples

Making your marriage last can be a rewarding experience that lasts a lifetime. The key to success is different for everyone. However, one aspect of your marriage that needs to work for both you and your spouse is your finances. Money is a touchy subject but it’s an important part of your marital relationship. Below you will find information on how finances impact divorce for couples, and when you should seek support from a marriage counselor.

How Finances Impact Divorce for Couples

Financial issues can wreak havoc on a marriage. It’s important to get support before your financial issues seriously impact your relationship. Consider the following and consult with a marriage counselor if you and your spouse are impacted by any of the following issues.

Different Financial Priorities:

Talking about your financial priorities before you get married is a must. However, sometimes financial priorities change over time. One partner may be ready to start a family and purchase a house, while the other is more interested in investing in travel and new experiences. Different financial priorities can cause a breakdown in communication and lead to serious arguments. If you and your partner struggle with this, consult with a marriage counselor to work through the issue.

Credit Card Debt:

There are a number of financial strategies when it comes to managing debt. However, if you and your partner disagree about credit card debt it has the potential to impact more than just your relationship. Credit card debt can impact your credit score, increase debt due to high-interest rates, and even impact your ability to secure a mortgage in the future. It’s important to create a financial plan that includes debt management strategies. Avoiding this can lead to serious financial issues and a potential breakdown in your relationship.

Going Over Budget:

First and foremost, you need to establish a budget. This can help keep you and your spouse informed about your financial situation. If you have a budget and constantly go over it, it could be a source of contention between you and your spouse. Make it a priority to have regular discussions about your budget and a game plan for what to do when you go over. If one spouse is a chronic spender it can lead to a breakdown in marital trust. This can be a serious problem so consider marriage therapy to establish ways you and your partner can effectively address the issue.

Impulsive Financial Decisions:

One or both partners who are impulsive spenders can be a serious issue. Not only can this impact your finances, but it can also lead to serious issues within your marriage. Whether it’s a new car, purse, or another item, avoid impulse buys until you talk to your partner. Depending on your financial situation, you can establish a cap amount for buying things without your partner. If the purchase is over that amount you both decide on, talk to your partner and wait a few days before you decide.

Lavish Wedding:

Your wedding can put a huge strain on your finances at the beginning of your marriage. If you and your spouse are paying for your own wedding, be cautious with your spending. Starting your marriage with a major cost like a wedding can cause issues in the short- and long term. Create a conservative budget and plan to only spend 80% of it. Almost half of the couples go over their wedding budget by more than $6,000. Consider a small wedding or eloping if you are on a tight budget from the beginning.

Marriage Therapy

If you and your spouse aren’t on the same page about finances, consider marriage therapy. The process can help you address and navigate communication about your financial issues. Contact therapist Carree Brown to schedule an appointment today!