There are many reasons that a spouse or couple decides to file for divorce: infidelity, disagreements on whether to have and how to raise children, religion, abuse, or simply growing out of the marriage, to name a few. One of the most common reasons given for divorce is financial stress. This is especially true right now, as the unemployment rate remains high in Columbus and throughout the country.
Experts agree that being honest with your spouse about any financial difficulties you are experiencing is key to keeping your marriage intact throughout and beyond your money trouble. However, in a recent online poll administered by the National Foundation for Credit Counseling (NFCC), approximately one-fourth of respondents stated that they would not tell their spouse if they were having financial trouble.
There were a few common reasons given for not informing a spouse about financial difficulty. Of the survey respondents who stated that they would not tell their spouse, nine percent expressed fear about worrying their spouse, eight percent said that their spouse is not aware of the debt, and seven percent were afraid that it would damage the relationship.
To avoid divorce and other negative consequences of hiding financial information from a spouse or a spouse-to-be, the NFCC recommends that couples sit down and have open, candid conversations about their financial situations. During these conversations, the NFCC states, couples should be completely honest about their assets, debt, and spending habits. Don't point the finger of blame, and come up with a plan for the future to ensure that you do not need to have one of these conversations again.
Source: National Foundation for Credit Counseling, "One in Four Americans Would Not Inform Spouse of Financial Difficulties," Oct. 2011