Money continues to be a factor in divorce

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Money continues to be a factor in divorce

On Behalf of | Jan 31, 2019 | family law & divorce

Illinois couples argue about many things since no one can agree on everything all the time. The difference is whether the relationship can survive these disagreements, and the fact is that some do not. One source of contention that continues to be a factor in divorce is money.

A 2017 survey discovered that as much as 21 percent of divorcing couples cite money as a primary reason for the breakup. Of that percentage, 33 percent earned over $100,000 per year. Another 25 percent listed income as ranging between $50,000 and $99,999. The remaining 18 percent made less than $50,000.

This could mean that the more money a couple earns, the more likely financial issues will play a role in ending the marriage. Younger couples between the ages of 25 and 44 years old stressed about money more than older couples. Matters only seemed to get worse after the divorce because couples said that their debt increased post-divorce.

Issues such as spending too much, spending more than earned, and lying or concealing spending all caused problems in marriages that led to divorce. Couples also argued over bad credit ratings, student loans and medical debt as well. Sticking to a budget caused problems, and more than half did not have a prenuptial agreement, which settles certain financial issues prior to marriage.

Illinois couples who find themselves constantly arguing over money probably recognize some of these issues. If money problems continue to erode the relationship, it could result in divorce. If that happens, the couple could end up arguing about money one last time as they come to an agreement regarding the division of their assets, along with other financial issues that may require their attention such as child and spousal support.

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