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How overspending can lead to a divorce

Finances can be one of the main causes of divorce for couples in Georgia and throughout the country, and one of the danger signs is when couples have different ideas about money. One of the most destructive things a person can do in a relationship is spend the other person's money without concern for how it affects that person or the relationship.

A spouse spending money without the other's knowledge is sometimes termed "financial infidelity". A survey by CreditCards.com found that more than 30 percent of people considered concealing financial information from a spouse worse than physical infidelity. Not only can this be an issue that leads to divorce, but it may also result in enormous debts.

People can help prevent this by talking about finances before they get married. They should discuss a number of topics to ensure that their attitudes toward money are compatible. The couple should know about one another's debts. They should also talk about their financial goals and what they expect to spend money on in the next few years. They can also talk about what they will be able to afford.

If a couple does get a divorce because of money issues and there is debt, that debt may be divided just as assets would be. This can be a complex process because if the two share accounts, the debt might have been incurred solely by one spouse in the name of the other spouse. Even if the debt is divided between the two in the divorce agreement or the spouse who spent the money agrees to take on the debt, if it remains in the name of the other spouse, creditors may still pursue that spouse for the debt. A person who is in this situation might want to talk to an attorney about how to mitigate the damage in such a situation.

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Hecht Family Law
12600 Deerfield Pkwy
Suite 125
Alpharetta, GA 30004

Phone: 678-926-9234
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