Money disputes are one of the leading indicators of divorce
Dealing with different attitudes towards money early on can avoid problems later
While it probably won’t surprise many current couples and divorced spouses, a recent study has confirmed that arguments about money are a key indicator of a couple’s likelihood to divorce, according to USA Today. The study is important to consider for anybody who is planning on getting married since preparing for the financial concerns raised during marriage can help avoid significant problems later on in life. Soon-to-be spouses, for example, can learn about and understand the financial attitudes of each other by opting for a prenuptial agreement.
Money and divorce
The study by Kansas State University confirmed what many people already know: arguments about money can lead to divorce. What may be surprising, however, is that those arguments are just as much indicative of divorce regardless of the debt levels or incomes of the spouses. The researchers also found that money arguments tend to be some of the most intense kind of arguments and are also the most difficult to recover from.
One of the big problems that a lot of couples face is that they fail to discuss important financial matters before they get married. As the Huffington Post recently noted, many people could learn more about their soon-to-be spouse’s money habits if they considered drafting a prenuptial agreement beforehand. A prenuptial agreement, while a virtual necessity for some couples, can be helpful even for couples who would usually not consider such agreements necessary.
Prenuptial agreements: What to expect
While a prenuptial agreement usually deals with how assets and property will be divided in the event of divorce, these contracts can reveal other important information not directly related to property. When drafting such an agreement, it is vital for both spouses to be completely honest and open about their financial affairs. Such honesty can reveal the spending habits or concerns of one spouse that the other spouse may not have been aware of, such as significant debts.
Additionally, some prenuptial agreements cover spousal support amounts in the event of a divorce. If one spouse is planning on giving up a career to raise children, then it may come as a shock to learn that the other spouse is not altogether willing to pay a significant amount of spousal support in the future. By discussing issues such as these before marriage, couples will have a better understanding of one another and will be in a better position to avoid the financial disputes that lead to divorce for so many other couples.
Family law matters
Any couple considering a prenuptial agreement should talk to a family law attorney, especially since enforcing such agreements can be problematic without expert legal advice during the drafting stage. By consulting with a qualified attorney, couples will have the peace of mind they need when dealing with any family law concern they may have.