Money, Stress & Divorce

Financial Downturn May Become a Threat To Your Marriage

According to Jacqueline Detwiler of Forbes Magazine marriage and money are inextricably linked in America, from how married people are taxed differently all the way to the perception of those who married for money, or earned it or lost it once they were married. In economic times like these, it's only natural to wonder what happens to the family when the family finances take a nosedive.

The bad news is, statistically, money is typically the driving force behind a marriage meltdown. The good news, however, is that it's not everything. In other words, a marriage surviving a downturn depends more on what a couple's finances and relationship were prior to the downturn. Financial compatibility and open communication is the key to staying together.
In polls of what couples fight about, money is regularly in the top three reasons for marital discord--and that's especially the case among people who have a lot of it. A Prince & Associates survey of 93 divorce lawyers for high-net-worth clients found that 83% of wealthy people would call it quits if their finances drastically deteriorated.

Financial conflict isn't limited to the rich, however. Nationwide, stress over housing costs and job stability have increased by 6% and 8%, respectively, since April of this year, according to the American Psychological Association's Annual Stress in America poll. And with all that increased stress comes the increased likelihood of irritability, anxiety and depression, all of which can take their toll on interpersonal relationships. So can missing out on the fun couples feel they've earned together over the years.

Even couples who haven't experienced major financial repercussions as a result of the downturn might clash over funds. Most fights begin with a disagreement about financial strategy. One partner may tend to save and worry, while the other might spend extravagantly without considering the consequences. When there isn't as much of a cushion, those differences can spark fights.

Although people might not want to hear this right now, there is potential benefit in the current economic situation for couples and families to band together and get down to the basics of what is important to them. The key is to take stock of your goals and keep the lines of communication open.

Joan Rogliano is an expert in the field of navigating individuals through divorce and their real estate transactions. For additional information feel free to contact Joan@Roglianorealestate.com.