7 Financial Mistakes Which May Have You on Divorce’s Doorstep

Money problems may not be the #1 reason for divorce. But is fighting over money the first step to divorce? According to a recent survey, arguing over money is a predictor of divorce. Other arguments over kids, in-laws, and even sex do not predict divorce like financial fights.

That is very interesting to me. We’ve had many financial challenges and strains during or 12-year marriage. But I don’t remember fighting over money very often, if at all. We have fought…and fought…and fought. But those fights were not financial fights. So, if you think like me, you are probably thinking, “if financial fights are a good sign a divorce might follow, then how to I avoid financial fights?”

I recently read an article on Your Tango about ways to avoid financial fights with your spouse. I thought it was dead on! As I read it, I noticed some similarities in our marriage, and how we’ve avoided financial fights for the most parts. If money fights are the predictor then let’s do our best to avoid financial mistake which may lead to these fights.

Here are 7 financial mistakes you should avoid to keep your money fights to a minimum.

  • 7 Financial Mistakes Which May Have You on Divorce’s Doorstep 1 of 8
    7 Financial Mistakes Which May Have You on Divorce's Doorstep

    Click through for 7 financial mistakes which may have you on divorce's doorsteps.

  • Hiding money 2 of 8
    Hiding money

    My wife and I have had shared bank accounts since very early in our marriage. You may not go there, but hiding money from your spouse is not beneficial to your marriage. The habit of keeping secrets in marriage can be destructive.

    photo credit: imtfi via photopin cc

  • Not having an emergency fund 3 of 8
    What will you do in a financial emergency?

    Financial emergencies will happen. If you don't have a fund set up to handle these, the discussion argument may commence. Or your lifestyle may adjust so much that uncomfortable is not even close to the word you could use to describe it.

    photo credit: eflon via photopin cc

  • Thinking you know everything about money 4 of 8
    Increasing your financial literacy leads to smart money decisions

    Financial literacy is important if you want to do more than just get by. When you or your spouse think you know everything about money you may not seek counsel or advice. Not seeking ways to improve your knowledge of money, saving, and investing may have you making unwise money decisions without even knowing it.

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  • Not living off a budget 5 of 8

    The Your Tango article gives a great example of what it is like going without a budget.  Imagine driving a car without knowing how much gas you have in the tank?  Operating without a budget may leave you and your marriage stranded. 

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  • Spending more than you earn – aka using debt 6 of 8
    Until debt does you part

    Debt freedom is a dream that very few couples achieve. The average family has roughly $15k in debt. Accumulated debt can lead to a stressful environment. Debt freedom is called "debt freedom" for a reason. It gives you freedom!

    photo credit: Brad_Chaffee via photopin cc

  • Not agreeing to spending thresholds 7 of 8
    Agree to spending threshsolds

    You and your spouse may not have the same spending habits. Maybe you are frugal and your spouse is a free spender. Avoiding discussing this, or not agreeing to a spending threshold may lead to hidden money, secrets, and stress when it comes to spending, or not spending money.

    photo credit: thousandshipz via photopin cc

  • Not discussing money with your kids 8 of 8
    Discuss money matters with your kids

    Your kids are going to be one of your biggest expenses.  Not clarifying money matters with them may create an atmosphere where they play one parent against the other.  Clarifying money matters will let them know you are on the same page, and they should be too.  It will also better prepare them to handle finances when they are older and lessen a future potential financial burden for you.

    photo credit: kjarrett via photopin cc

Questions: What other suggestions do you have to avoid financial mistakes and financial fights?


Article Posted 3 years Ago

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