Money may be the root of a lot of divorces, according to Experian, a financial data service organization.
Of those who divorced, 39 percent say money was at least somewhat of a factor, while another 20 percent say money played a big role in the break up, according to an Experian survey released Tuesday.
Thirty-six percent of the divorcees say their spouses’ credit score was a source of stress in the marriage. The survey included 500 people who had divorced within the past five years.
“It’s important for couples to discuss finances before saying ‘I do,’ and to communicate frequently. Couples should also make sure they agree when it comes to financial practices, such as budgeting and how to utilize credit throughout the marriage,” says Rod Griffin, director of public education at Experian. “Individually, each partner should make sure to be engaged with the household finances so they can protect themselves and their assets if the relationship ends.”
More than half of both sexes (71 percent of women and 60 percent of men) say their former spouses’ spending habits were not what they expected before they married.
After they divorced, their finances took a hit. The average financial loss totaled nearly $20,000 in cash and assets. Furthermore, 44 percent of survey respondents say their former spouse ruined their credit.
That is enough to sour some people on marriage altogether. Thirty-nine percent say they will never again marry because of the financial loss.
And the bad numbers just keep piling up. Fifty-nine percent say they regret not being more financially independent in their marriage, 54 percent say their former spouse spent too much money, and 53 percent say they were not financially compatible with their former spouse. The full survey can be found here.