When it comes to household finances, are you and your spouse equals?

On Behalf of | Mar 4, 2015 | Property Division

All married couples disagree and argue about things. However, according to a 2013 Kansas State University study, money is by far the topic that couples argue about most and, in some cases, arguments about finances can ultimately ruin a marriage.

For many people, money is a taboo topic. Most people prefer to keep details related to how much money they make or how much they pay for certain items private. While it’s perfectly acceptable not to broadcast one’s financial details to relatives or neighbors, it’s another thing when spouses don’t openly communicate with each other about finances.

There are many scenarios that may cause money-related conflict within a marriage. For example, in many marriages one spouse takes on the lion’s share of financial responsibilities with regard to paying bills and budgeting. In cases where one spouse has all the financial knowledge and power and the other spouse has none, problems are likely to occur.

This is true even in cases where a spouse is willingly in the dark about a couple’s money situation, as ultimately the spouse who handles the finances has much more control over how money is handled and spent. While one spouse may continue to take on the responsibilities of paying bills, it’s often best when both spouses take steps to gain insight into their household’s financial situation and make decisions together regarding how to spend and save money.

For some couples, arguments over money stem from deeper issues and problems within a marriage. For other couples, arguments related to debt or a spouse’s overspending may escalate to the point where a couple considers divorce. Minneapolis area residents who are contemplating divorce would be wise to consult with a divorce attorney who can provide advice about steps to take to ensure for one’s financial security post-divorce.

Source: Huffington Post, “The Dirty Money Conversation: Marital Financial Failures That Cause Divorce,” Morghan Leia Richardson, Feb. 20, 2015

Kansas State University, “Researcher finds correlation between financial arguments, decreased relationship satisfaction,” Sonya Britt, July 12, 2013