A recent study by Citigroup found that 78% of Americans in a committed relationship, prefer a partner who is good with money over one who is physically attractive.
It is becoming apparent that more and more people are considering their financial futures when choosing a partner. This begs us to ask the question of whether this thought process is smart or shallow.
Financial Compatibility
Once couples take that plunge and commit to each other, they quickly find out their partner’s money management and spending habits. This includes how well they communicate with each other about money.
In late 2017, Ramsey Solutions, a finance education company, conducted a study of more than 1,000 U.S. adults to gain understanding of personal finance behaviors and attitudes, in relation to how married couples communicate and relate about money. The study found that one-third of people, who say they argued with their spouse about money, say they hid a purchase from their spouse because they knew their partner would not approve.
Conversely, the study also found that eighty-seven percent of respondents who say their marriage is “great” also say they and their spouse work together to set long-term goals for their money. Those who say they have a “great” marriage are almost twice as likely to talk about money daily or weekly compared to those who say their marriage is “okay” or “in crisis.”
Does Debt Lead to Divorce?
Magnify Money conducted a survey of 500 divorced Americans to understand how money played into the demise of their relationships. 56% of survey respondents, who said money was the reason for their divorce, also admitted that they or their spouse lied about money or hid information from the other person.
So, does debt lead to divorce? It doesn’t have to. Money woes and relationship stress combined can be a volatile mix. However, there are ways to hit the re-set button on your relationship. One of those ways is to consider filing bankruptcy. The process of bankruptcy does not seek to cause blame or search for the root of the relationship’s problems. Contact your Fairfield bankruptcy attorney to provide your relationship the clean slate it needs.