Not all couples lead a good life. Some are lucky to be married to well-off individuals who can afford to pamper them with the things they like to own while some end up with the average individual who earns a regular monthly income enough to make both ends meet.
But regardless of a couple’s status in society, there are certain habits related to handling money that a spouse should avoid as this can lead to a rocky marriage. A husband and wife should be partners at all times and this includes managing finances properly to protect your marriage and ensure a better future for your family, according to a Los Angeles divorce lawyer from the Korol and Velen law firm.
Spending Habits to Avoid
Did you know that spending too much on an engagement ring alone can increase the chance of divorce? A study entitled A Diamond is Forever and Other Fairy Tales: The Relationship between Wedding Expenses and Marriage Duration showed that spending more on an engagement ring and the wedding can cause the marriage to fall apart. The authors noted that the risk of divorce among couples who spend more than $20,000 on their wedding is 3.5 times higher than those who spend only between $5,000 and $10,000.
With regards to buying an engagement ring, the study found that spending between $2,000 and $4,000 can increase the risk of divorce by more than half or 55 percent. Spending more than $8,000 for the ring, on the other hand, lessens the risk by 10 percent.
In line with the wedding, it was also noted that having more people attend the ceremony such as from 100 to 200 is actually helpful. On the contrary, a couple who have only 10 people or less in attendance during their wedding has a 35 percent chance of divorce at a later time.
Interestingly, couples who go on a honeymoon after their wedding are more likely to keep their marriage for the long term. The study found that going on a honeymoon lessens the chances of divorce by 41 percent compared to not going at all.
Combined Income
When it comes to income, couples who earn more enjoy a stable marriage compared to those who earn less. Researchers have found that those who earn a combined income of $125,000 per year were 51 percent less likely to end up in divorce. On the other hand, couples who earn less such as $25,000 annually are at risk of eventually ending their marriage.
Another study by the American Journal of Sociology found that unemployment of one spouse particularly the husband can be a key factor behind divorce. The researchers pointed out that lack of money is a common cause of marital problems. This then leads to financial difficulties, constant fights and lack of communication between the spouses. Couples who have different spending habits are also more likely to experience marital strain that can end in divorce.
Couples who just got married and those still planning to tie the knot should get tips from these spending habits that are likely to cause divorce. Your wedding is only the beginning of your journey together as a couple and as such, should not be that expensive. Practicality counts in these tough times so think twice or many times before splurging.
