“Till death do us part” is no longer applicable to some marriages as more couples decide to part ways much earlier.
Recent data from the Centers for Disease Control and Prevention (CDC) report that the current number of divorces stands at 813,862 (from 45 reporting states and DC). The divorce rate, says the organization, is at 3.2 per 1,000 population.
The reasons for separating vary: emotional abuse, infidelity, domestic violence, and lack of communication. Instead of enduring struggles, some couples pull the plug on their marriages; others, however, are afraid to do so. Apart from the want for a second chance, some believe it will cost them a lot—financially.
The Law Office of Dorene A. Kuffer refers to divorce as a “traumatic experience” that affects families in all aspects; included in that list is finances.
It’s natural to worry about money when you decide to end the marriage. But filing for divorce may make financial sense if you experience the following:
Health Becomes an Issue
A bad marriage can affect you emotionally and physically. Prolonged exposure to stress may result in chronic diseases and other health problems. If the marriage puts a strain on your health, you may end up dealing with expensive hospital bills and medication.
Your health matters more than spending on the divorce. Prioritize your well-being, especially when the marriage is taking its toll on you.
Longer Marriages May Cost More
The ideal marriage will have both spouses contributing to the marital wealth. It will also mean shared responsibilities on payments, from a mortgage to insurance policies. But couples who no longer see eye to eye on their commitments tend to also disagree on finances, especially when one spouse has accumulated debt.
Taxes could also be a factor; if you and your spouse fall under the alternative minimum tax (AMT), you may have to pay more taxes than the average earning couple.
A Failing Marriage
Some couples spend on second honeymoons, counseling, and hire therapists to mend their marriages. In some cases, these efforts work; for others, the expense may be unnecessary as the marriage becomes unsalvageable. When reconciliation is out of the question, it’s best to directly address the problem by filing for divorce.
Divorce is a difficult decision. But in some cases, it’s the better decision for the couples, the kids, and their finances.