Dealing with financial issues in any relationship is not that simple. Right from deciding who pays for what to the point of whether opening a joint account or not, there might be so many different financial issues for you to negotiate. But one major financial hurdle has to be debt, which people generally don’t talk about much. Debt has become quite a big of a problem in the USA and even if you divorce your partner, you might have to bear the burden of debt on your shoulder.
A recent survey from finder.com of over 2000 adults have found out that a startling number of USA natives accrue debt through romantic relationships. Most of them have even retained debt after relationship has ended. Around 30% of the people surveyed had absorbed debt through relationship, which might translate into 74 million Americans. The total financial amount or debt accrued through relationship is a whopping of $250 billion, which can be averaged out to around $12,000 per person.
Reasons people acquire debt:
Even before you end up solving the relationship based debt issues, you need to be aware of the ways in which people actually acquire Debt on the first place. There are top 5 reasons for that.
Marriage was always at the top number that people used for absorbing partners’ or their ex’s debt, with around 28% of people surveyed taking debt that way. Remember that pre-nups may not be the most romantic thing you have come across. However, these numbers will just show how important things might turn out to be. Most of the time marriages do not last that long. However, once you are tied with someone legally, the debt can outlast marriage too.
Around 25% of respondents had partners making purchases in their names. Lending partner a credit or debit card once in while might not seem to be that big of a deal, but the consequences can prove to be huge. Remember to trust them and know what they are actually up to before giving access to any of your money.
Creating a joint account with your partner is a big decision as you are held responsible for whatever is going to happen there. Around 20% of those surveyed has ended up with debt mainly because of the partner, misusing their accounts.
Well, you might not know this but financial infidelity is a huge thing. Sometimes, people might keep huge amounts of spending and even reckless financial behavior out from their partner’s knowledge even when it is affecting their credits and even financial security.
Most of the time, you think that people fight over money in divorce, but sometimes it can be over debt too. While everything gets split up after divorce, you might end up with debt, which was not even yours on the first place.
Best ways to prevent money from ruining your marriage:
There is no secret that fighting over money puts a hefty strain on relationship. Money issues are also quite troublesome that people who say they are experiences stress in relationship ends up blaming finance as number one reason. But, there are some proven ways in which you can keep money or dent out of your married relationship or even when you are just getting started in any romantic relationships now.
The number one mistake made by couples is spending way too much on wedding. The average wedding cost is not more than $26,000, and if you reside in any metropolitan area, then that will be 3 times more. most of the couples don[‘t have enough cash in hand to spend on wedding, so they end up taking loan for celebrating single occasion. This can result in debt, which often lead to strain in married relationships. So, focusing on the celebration which you can afford is a clever start to a lovely future together.
It is always advisable to fully disclose the financial condition with your partner even before tying the knot. No matter how uncomfortable it might be, spilling the truth before any commitment can help. Even if you are in any outstanding debt, don’t forget to mention that. It will prevent any future argue from taking place as you have cleared things out already.
Most of the fights between spouses are not because of money but because of clash of temperaments.it is a huge potential conflict source. One spouse might be too upset on the other for spending too much but this issue might not be just that they cannot afford it, but might be something way deeper than that. So, understanding the partner’s money mindset beforehand is always mandatory.
Things might change in your life. So, it is not that unusual for the people’s financial expectations to shift with passing time. The issue takes place when couples forget to check in with one another for ensuring that they are still in sync. It is often a good reality check for the couples to just sit down once every year, and discuss the financial spectrum, no matter wherever the current standing is. Whether it is associated with the money saved or paying off debt, talking about it with your spouse can help you get a perfect solution in no time.
These are few of the many ways in which you can handle finances and avoid money coming between relationships. If you don’t have debt thoughts in your mind or any kind of financial issue, then you are up for a happy future life with your spouse no doubt. It just takes a bit of commitment from your side to talk about the issues and get those solved together.