How Money Problems Can Impact Your Divorce

Money is one of the most common subjects of fights between couples. Unfortunately, financial issues can also lead one partner or the other to consider getting a divorce. In addition to being a primary factor in your breakup, money problems can impact your rights in divorce proceedings and in any settlements or final orders issued in your case. 

Money Problems That Contribute to Divorce

There are numerous types of financial issues that are likely to arise during marriage, which increases the odds of getting a divorce. According to Business Insider, the most common include: 

• Differing attitudes towards saving or spending money: While some people subscribe to the notion that money is meant to be spent, others lean more toward being a spendthrift. They may fly into a rage at what they consider a ‘waste of money’ or feel deeply insecure if they do not have a significant amount saved. 
• Differing attitudes towards debts: In addition to varying attitudes toward money, married couples can have different attitudes towards debt. At one end of the spectrum, there are people who pay cash for everything and see any amount of debt as something undesirable. On the other, there are those who recklessly rack up credit card balances, personal loans, and other types of debts without regard to interest rates, credit rankings, or whether the debts ever get paid. 
• Financial infidelity: As the name implies, financial infidelity is similar to adultery, in which you keep multiple assets or debts of which your partner is not aware. Living this type of secret life can erode trust in the marriage and can also ruin any financial security your spouse is trying to achieve. 

Money Problems in Your Divorce

In addition to wreaking havoc in your marriage, the above money problems can also negatively impact your divorce: 

• Your partner’s attitudes toward money could impact the ability to reach a reasonable settlement, dragging out your divorce proceedings. It could also impact the amount to which you are entitled.  
• Under the Illinois Statutes, any marital property and assets must be divided on an equitable basis between you and your spouse before your divorce can be finalized. This includes your debts. All debts should be settled before a final order is issued in your case. 
• Hidden assets are a common problem in divorce and can rob you of money you are otherwise entitled to in any final divorce orders issued.  

Let Our Chicago Divorce Attorneys Assist You

 The Women’s Divorce and Family Law Group is dedicated to helping you get the maximum amount in your divorce. To request a consultation, call or contact our Chicago divorce attorneys today.