Financial secrets can take a toll and eventually lead to divorce

According to surveys, financial stress plays a major role in why marriages become troubled. Even though many married couples share bank and credit accounts, a surprising number of spouses reported that they are not forthcoming to their partners regarding their financial affairs. Colorado residents who are struggling in their marriages due to financial difficulties may be considering filing for a divorce.

While a pleasant surprise can bring a smile to a spouse’s face and brighten a relationship, secrets concerning debt and money troubles often place undo stress on an already struggling marriage. According to a survey of those who have significant credit card debt, approximately 32 percent reported that they have concealed the amount of their debt from their spouse. In addition, others have reported hiding both debts and assets — including income –from their significant other.

Some spouses state that they hide their debts and the amounts that they spend from their spouse in order to forestall arguments and because they are ashamed at the amount of debt they have incurred. Studies have shown that fights over finances is one of the foremost predictors that a marriage will not endure. While hiding debt may seem like a harmless thing to do, if it impacts a couple’s ability to buy a home or save for retirement goals, then the harm may be more than they can overcome.

Regardless of whether debt is being managed, having differing views on money management can have an adverse effect on relationships. Couples who are unable to agree on a savings or spending plan may be unable to come to an agreeable solution regarding their financial future. Colorado residents who have come to the conclusion that a divorce is unavoidable may seek the advice of an experienced attorney in order to secure their financial well-being in the future.