Marriages suffer and break down for many reasons, but one reason is debt. In one survey, 54% of respondents said that a partner’s debt was a reason to consider divorce.
Bankruptcy can help you get rid of debt, so it is unsurprising that it may help the marriage if it is not too late. What can make debt so damaging to marital harmony?
A breach of trust
When one or both spouses get into debt, they may feel guilty about spending. This can lead to hiding their spending from each other or lying about it. This in turn can lead to a breakdown of the trust on which the marriage relies.
Exacerbating a couple’s differences
When money gets to be a problem, it can lead couples to focus on their differences. For example, someone who hopes to save for a house may start to believe the only way they will ever get there is to separate from their spouse if they believe the debt is more their spouse’s fault than their own.
Taking the fun out of things
Relationships need a significant and constant investment of time and effort, and money can make that easier. It can allow you to go out and do fun things together, such as date nights or vacations, where you can strengthen your relationship.
If your time is instead taken up with worrying about how to make the next payment on your credit card or loan, then it doesn’t leave much time to enjoy each other’s company. It can also lead couples being on edge due to the stress — making arguments more likely.
If you are struggling with overwhelming debt and can see that it is harming your marriage, then consider finding out more about the bankruptcy process. As daunting as it might seem, with the right help, it could be the start of a much brighter future for your finances and marriage.
