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Report: Money issues early in marriage can predict divorce

There are several reasons that people in Illinois may start thinking about ending their marriages. For some, a divorce is the result of a difference of opinion over having children. For others, money may play a large role in marital problems. In fact, according to a recent survey, financial issues may play a key role in the dissolution of a marriage.

In 2012, a researcher from Kansas State University found that among the predictors that indicate a marriage may end in divorce, arguing about money early on is the biggest. One of the reasons behind this, according to a financial consultant, is that finances can be an emotional issue. A counselor also noted problems arise when couples have differing views on how to mitigate unexpected expenses, a difference of a opinion on wants and needs or experience the frustration with being unable to put money in a savings account.

One Illinois couple decided to take action before they tied the knot. Prior to getting married, they trimmed their budget where they could and opted to rent their living space until they felt they were in a good place to buy a home. A report released by Experian Consumer Services shows that more people are discussing money before they get married now compared to before the 2008 recession.

Not only may discussing finances ahead of time preserve a marriage, but it could also play an important role in property division following a divorce. People who do find their marriages are ending should consult with an attorney in order to protect their best interests.

Source: The Republic, "Illinois Exchange: Money has ended marriages, so copules discuss finances before saying 'I do'," Emily K. coleman, July 20, 2014 

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