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Will your debt lead to divorce?

| Aug 5, 2020 | Family Law & Divorce |

Most people in the United States have some level of debt. If you used a mortgage to buy your home, you have debt. If you took out a loan to start a business, you have debt. Even if you just used a credit card to buy a cup of coffee this morning, that’s debt.

For some, though, debt becomes far more daunting. They get to the point that they can’t pay it all off, and so interest means the debt keeps increasing. This can be very stressful. They may face action from lenders, such as foreclosure or repossession of a car.

Is that debt going to ruin their marriage, as well? It definitely can. Some studies say that infidelity and money issues are the top two reasons for divorce. So, if someone is simply faithful to their partner, the most likely reason for a divorce is money.

That said, it’s not just debt that causes divorce. For some couples, it’s a lack of communication regarding money. Maybe one spouse always makes impulsive decisions and spends money, while the other spouse feels like they’re constantly wasting the family’s money without even bringing it up for discussion. This can lead to stress, arguments and divorce.

Of course, it can also lead to debt. Many financial issues go hand-in-hand. When couples start to run into these types of issues, the odds that the marriage will end in divorce also go up.

Do you think that you and your spouse are going to get divorced in the near future? If so, it is very crucial to know what steps you need to take.