Finances remain leading cause of divorce

No Surprise Here  Finances May Predict Divorce

Many couples talk about how much money they should spend on an engagement ring.  Studies by Emory University economists show that your wallet may not be the sole thing that gets a benefit from choosing a budget-friendly bauble.

The study, titled “The Relationship Between Wedding Expenses and Marriage Duration” show the number of dollars spent on an engagement ring correlates to how apt you are to get divorced. Persons who hand over between $2000 and $4000 on a ring are 1.3 times as likely to get divorced than individuals who spend between $500 and $2000.

What comes after the marriage and the things that “happily ever after” include. Current data reports that roughly 50% of marriages end in divorce. Although the figures rise and fall over the years, the figure remains surprisingly stable.

The primary factors in divorce boil down to three: children, family, finances. Often couples overlook the everyday aspects of marriage — usually finances — before they connect everything else as marital property.

In a New York Times article, Ron Leiber wrote about the odds of a marriage failing and said part of the reason for the high rate is the lack of conversations about money before a couple gets married.

Leiber suggests several talking points for couples which include debt and credit history, who will manage the finances and each partner’s financial goals.

Opening the lines of communication — and keeping them open — is necessary. Communication is the key to any successful marriage. Remaining honest and open about finances will make for a healthy financial relationship.

Resources are available for couples needing help. Credit counseling and pre-marital counseling are two ways to start talking about finances before walking the aisle.