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Money problems and debt are common causes for divorce

When two people fall in love and decide to join their lives together in marriage, they may vow to stay together through good times and bad times, during periods of wealth and periods of poverty. However, a recent survey of divorced individuals suggests that enduring the bad times and periods of financial stress may not be as easy as some initially thought. Money problems and debt are some of the major causes of divorce for Tennessee residents and other Americans.

In fact, in a recently published survey, it was reported that money issues may be the cause of around one-third of all divorces. Not having enough money or not agreeing with one's spouse regarding the proper way to spend or use money can cause significant rifts in committed marital relationships.

One surprising financial issue that actually contributes to around one out of every eight American divorces is the presence of student loans in a marriage. Not all individuals accumulate student loans but those who do may see their payments balloon with variable interest rate loans or may take on debts that reach into the hundreds of thousands of dollars. When paying off a student loan takes priority over buying a house or saving for retirement, the stresses on a marital relationship may be pushed to their limits.

During a divorce the parties must list their assets and debts so that their property may be divided and, if necessary, an assessment for the appropriateness of spousal support may be completed. Though they may not have been able to work out their money problems during their marriage, couples may settle their financial disagreements and debts when they complete their divorces.

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Mathis, Bates & Klinghard PLLC
412 Franklin Street
Clarksville, TN 37040

Phone: 931-444-3153
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