Money issues often at heart of marital discord and divorce

The most often repeated statistic regarding the survival rate of marriages is approximately 50 percent. Though there are many factors that play a role in the demise of these relationships, financial management professionals claim that money is often at the root of marital discord. There are likely many Colorado couples who ultimately sought a divorce due to money-related issues.

The majority of money issues can often be attributed to four main areas. The first of which is the lack of open communication between partners. Traditionally, one spouse — frequently the husband — usually attended to the household finances. The problem created by this arrangement is that the non-involved spouse is often unaware of how to manage finances and investments if the husband were to become incapacitated or die. Professionals recommend that couples discuss all aspects of their finances on a regular basis so that there is clear understanding on both parts.

Another area that often presents difficulties for couples is a lack of adequate savings. Purportedly, half of all families have less than $1,000 set aside for emergencies. This often places a strain on families who are forced to live from payday to payday. Couples can correct this problem by working to set aside a percentage of pay and by refraining from making unnecessary expenditures. An additional area of conflict occurs when it is discovered that one spouse has been setting aside money in a secret account.

Lastly, couples with different philosophies regarding how to manage their finances may struggle to come to a suitable agreement regarding how to balance savings and spending. It may be possible for couples to resolve these differences, but in many situations, it may prove to be too difficult to overcome these problems. Colorado residents who have determined that their marriage is no longer viable may be best served by consulting with an experienced attorney who can provide assistance throughout the divorce process.