Financial difficulties are prime reasons for New Jersey couples to consider divorce. More than half of Americans in a SunTrust Bank survey believe that one partner with a substantial amount of debt is a good reason to continue splitting up as owing a lot of money can prevent you from reaching your goals.
Financial difficulties cause stress
The same survey indicated that about 60% of Americans would consider putting off marriage so they wouldn’t inherit their partner’s debt. Considerable amounts of debt can lead to spouses disagreeing over how to spend money, which is a common precursor to divorce. If you and your spouse have different goals regarding budgeting and spending, you probably feel that money is not being used appropriately.
Financial infidelity and spending secrecy can also lead to divorce. If a spouse deliberately chooses not to tell the other about purchases, hides debt, or lies about income, that’s financial infidelity. High amounts of debt often cause financial infidelity as one or both partners feel they need to hide some of their spending, even when the amount is small.
Debt can cause one or both spouses to experience several negative feelings, including:
- Shame
- Low motivation
- Resentment
- Isolation
- Depression
- Hopelessness
Tools to manage debt
Honest communication about shared or individual debt can help reverse the path toward mediation and divorce negotiations. Instead of criticizing your spouse’s spending habits, work together to find solutions to decrease your debt, such as payment plans, debt forgiveness, or working with a financial advisor to limit spending.
Couples considering divorce because of debt should note that if you decide to split up, it’s in your best interest to reach a mutual settlement and not go to court. The latter will not only lengthen the process but put you further in debt.