Why debt causes relationship stress

| Dec 18, 2018 | divorce, Firm News

A study conducted by Fidelity says that money may be a source of stress for many couples in Kentucky and throughout the nation. According to the survey, 40 percent of respondents said that debt had a negative impact on their relationships. It was not uncommon for couples with debt to have trouble communicating about money or other subjects. Failing to communicate about household finances may make it difficult to come up with a plan to deal with issues that may arise.

In some cases, couples go into debt in an effort to save their relationship. For instance, they may purchase a new car because they feel like the current one is adding stress to their lives. In others, the debt itself becomes stressful because it prohibits a household from paying for their basic needs. Not knowing the details about a debt balance can also be stressful.

Regardless of what the problem is, it is important for a person to embrace the steps necessary to solve it. This may mean selling a fancy car or no longer belonging to an exclusive club. It may also mean talking to both a financial professional and a marriage counselor. Doing so can help a couple get out of debt and learn how to communicate better about finances going forward.

Regardless of why a relationship doesn’t work out, the end of a marriage may be a stressful experience. It might be best to work with an attorney and other professionals to go through the divorce process in an organized manner. This may make it easier to create a divorce settlement that equitably divides both assets and debts accumulated through the marriage. Generally speaking, the spouse who has the means to do so will pay a larger share of marital debts.