A certain factoid has circulated discussion about divorce for a long time. You may have heard that money is supposedly the leading cause of divorce. Indeed, finances can be a key indicator of a couple’s relationship. In many cases, it isn’t that a couple breaks up due to a lack of wealth, but rather due to a lack of shared vision.
A poll from CompareCards found that age may have something to do with financial arguments. The survey sorted respondents by age categories: Millennials, Generation X and Baby Boomers. Gen Xers, comprised of people born between 1965 and 1980, reported that one in five participants argued about money within the last month.
Furthermore, 41% of the participants who had a fight over money said that they were not “extremely satisfied” in their relationships. On the flip side, 82% of people who didn’t have a fight did claim extreme satisfaction. This data suggests that arguing about money could go hand-in-hand with an unhappy marriage.
Generation X is at a unique moment in life, which could affect how likely they are to argue over finances. Some people might struggle with the pressures of raising children or caring for parents. Mid-life can be an expensive time because many people deal with major purchases and investments at this age.
With increased pressure to save, budget and spend on the right assets, couples may find themselves growing distant or upset. One spouse might be thrifty while the other spouse is more apt to purchase freely. These arguments can easily escalate. After all, personal finance is just that: a highly personal matter.
After countless disagreements, a couple might decide that parting ways is the most fiscally wise decision. In this case, a battle over marital assets is likely to become a major issue in divorce. A family law lawyer can assist with these stressful debates to smooth the process.