Credit Card News: Your Money

It’s an oft-quoted statistic that about half of all marriages end in divorce. But less talked about is the reason why many of these marriages fail. A new survey by credit bureau Experian sheds some light on the subject and reveals that nearly 60% of marriages are derailed by money problems.

The financial aspect may have played only a minor role, or it may have been the straw that broke the camel’s back, but fully 59% of divorced folks said that money played “somewhat” of a role in the dissolution of their marriage.

Specifically, credit scores were problematic: 36% of respondents said that their spouse’s credit score caused stress in their marriage. Rod Griffin, Experian’s director of public education, thinks couples need to communicate better before and during their marriages. Griffin says folks should discuss their finances before getting married, and “make sure they agree when it comes to financial practices such as budgeting and how to utilize credit throughout the marriage.”

Before and after “I do”

Seventy-one percent of women and sixty percent of men said that before they got married, they had a different picture of their spouse’s spending habits. But once the wedding was over, they said the way their spouse dealt with money was different than they’d anticipated.

Getting divorced isn’t cheap, and both members of the couple are usually negatively impacted by the cost of divorce. The average cost of divorce is almost $20,000, when cash and assets are both considered. And after a divorce, credit scores are often left in shambles. Forty-four percent of survey respondents said their credit was ruined by their ex. And 39% said they lost so much in their divorce, they’ll never get remarried. Of those who do plan to walk down the aisle again, 73% said good credit is an important quality in a future spouse.

Survey methodology

This survey was conducted online, by Edelman Intelligence on behalf of Experian, during the first half of November 2016. Responses came from 500 adults in the U.S. who were divorced within the last five years.