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Law Office of Gary R. Swavely, Jr. Blog

Tuesday, January 21, 2020

Financial Deception Is Driving Millennial Divorces

Q: What impact do finances have on divorce rates?

Is my spouse or significant other hiding something? That’s a question many people considering a divorce in Pennsylvania may be asking themselves. But while some would interpret the question as applying to infidelity, Love and Money survey by TD Bank suggests another kind of secret is behind the break-ups of many millennials.

Apparently, one-third of the people surveyed would consider a break-up if their partner kept a financial secret. Interestingly, 25% of those polled admitted that they were hiding something from their partners (with more than half of them reportedly planning to come clean about the deception this year).

Are debt and financial deception a deal-breaker?

Here are some related and sobering statistics from a separate survey by SunTrust Bank on why debt and financial deception can be a “deal-breaker” when it comes to romance:

  • finances are the number one cause of stress in a relationship;
  • “59% of divorcees said finances played a role” in the failure of their marriage;
  • 35% of people cited money as the “primary trouble spot” in their relationship;
  • 20% of divorcees stated “financial conflict was a significant factor” in their divorce.

Years of a struggling economy, high tuition and extremely burdensome student loan debt, and high credit card debt are apparently driving some millennials to lie or keep secrets from their partners about their financial situation, driving many to break up prior to marriage while others end up marrying, but divorcing later.

It should go without saying that honesty and transparency in financial matters—and all of the important matters that impact married couples—is the best way to enter a healthy marriage at any age. Prenuptial and postnuptial agreements may be warranted, so meeting with a skilled Pennsylvania marital agreements attorney may be advisable.

Hopeless romantics may be saddened by a Merrill Edge report claiming that the majority of both American men and women, “prefer a partner who provides financial security more than ‘head over heels’ love”.

Contact the Law Office of Gary R. Swavely, Jr. Today for Your Divorce Needs

If you are considering getting divorced in Pennsylvania, have been served with divorce papers, or have any questions regarding a family law matter, the Law Offices of Gary R. Swavely, Jr. can help you. Contact us today to schedule a consultation.

From our offices in Reading, Pennsylvania, we’ve been serving the legal needs of the people of Reading and the surrounding counties for over 25 years.


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