Divorce can happen for a wide variety of reasons. Many of them are financial. Young couples often have a higher divorce rate in part because they can face financial stress, for example. Some couples get divorced because they have different views about how they should use their money, such as conflicts between spenders and savers.
One study found that job loss causes divorce odds to increase dramatically. In that study, the chances of divorce were more than twice as high for people who had been through a recent plant closure than for those who had not. The odds of divorce were also higher for those who had been fired, laid off or dismissed from their positions for other reasons. A big reason is the effect on a family’s finances.
The financial strain
When one person loses their job, especially if they cannot quickly find another one, the couple may begin facing extreme financial strain. Many people live paycheck to paycheck, so even a slight disruption in employment can mean that they start falling behind on their bills. This financial strain can lead to conflicts and arguments. These personal issues, along with financial instability, can ultimately lead to divorce.
In some situations, one partner may deal with chronic job loss. They may struggle to hold down a job or go through long periods of unemployment. While their partner may try to work through this challenging situation the first time it happens, if it becomes a pattern, they may eventually determine that financial stability is not likely and decide to end their marriage.
Navigating a divorce
Financial issues are just one potential reason for divorce, but they are fairly common. If you and your spouse are ending your marriage this year, be sure you understand all of your legal options when it comes to matters such as marital property division, child custody rights and more.