After communication breakdown and infidelity, financial issues are often cited as being among the main causes of marital strife. Many couples in Texas face financial challenges before they get married, and this often turns into a recipe for disaster after they tie the knot. Once spouses start getting into disputes about financial hardships related to debt, divorce could be around the corner.
The emotional stress of being deeply debt is difficult enough for one person to deal with; once it starts to affect married life, it could spell the end of a relationship. The problem with high levels of debt is that they exacerbate common fears of the unknown. No one, not even banks that issue credit cards and loans, knows for certain that debt will be easily repaid. The debt repayment industry does not help in this regard; notifications about late payments and phone calls from debt collection agencies can worsen relationships that are already strained.
Couples who feel that a contested divorce is their only way out should first look at their finances and determine how much damage is being caused by debt. Many divorce issues prompted by financial distress can be alleviated by addressing the root cause; to this effect, a financial planner may be more appropriate than a relationship counselor.
Going through a marriage dissolution is something that couples may be able to avoid if they can work their way out of debt. Working out budgets, getting second jobs, cutting down on luxuries, getting rid of credit cards and consolidating debt payments are often simple compared to divorce issues such as child custody and property division. Whenever possible, feuding couples should first work toward becoming debt-free before thinking about separation.
Source: NBC News, “Why getting out of debt can save your marriage“, Jean Chatzky, 12/15/2018