In an interesting survey conducted by Experian, one of the top three credit reporting agencies, a number of statistics are revealed about how finances impact divorce. Here are some of their findings:
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59% say finances played a role in the breakup of their marriage, 20% said it played a big role and 7% cited it as the primary reason for the divorce.
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Financial consequences were so severe that 40 % of divorcees say they'll never remarry, and 73% say if they do, they'll only consider a partner with good credit.
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42% found out about their partner's student loan debt after filing for divorce
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40% of divorced people say they talked with their partners about finances on a monthly basis, while 24% did so annually and 21% weekly and 14% talked about finances less than once a year
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53% said they were not financially compatible with their former spouses
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54% said their ex spent too much money, and 41% blamed their partner for putting the couple into debt. 10% said their partner's stinginess was to blame for financial strife.
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54% of women and 42% of men said their credit scores declined during the marriage.
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50% of women and 37% of men feel their ex ruined their credit
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48% said their credit has improved since splitting from their spouse, 28% have stayed the same, and 20% said their credit had gotten worse.
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37% said losing their partner was the most painful part of divorce, while 32% felt the impact on their children was most hurtful, and 12% cited the financial aspect as the worst thing about their divorce
We agree with the survey’s concluding remarks that during the divorce process, couples learn what went wrong financially, which helps them prepare for doing better in the future. The Washington divorce attorneys at Molly B. Kenny, LLC, strive to help prepare their clients for better futures. Contact the law offices of Molly B. Kenny today to set up a consultation.
