Here's What Happens When You Don't Discuss Big Financial Decisions With Your Spouse

Being married means having to make a lot of compromises, and also, having to learn to communicate well. This especially holds true in the context of money. In fact, if you don't discuss major financial decisions with your spouse, but rather, attempt to make them on your own, you could not only put your financial well-being at risk, but also, put your marriage in jeopardy.

Financial disagreements could have consequences

It's hardly a secret that money is a major source of conflict for married couples. It can also be a huge driver of divorce.

In fact, it's estimated that financial problems contribute to 20% to 40% of all divorces, according to the Jimenez Law Firm. That's a scary statistic. And if you don't get on the same page with your spouse when it comes to huge financial matters, it could easily lead to not just near-term conflict, but long-term problems, too.

Let's say you decide to buy a car costing $50,000 without consulting your spouse. You might think it's not a problem if your income is such that you can afford your monthly auto loan payments and associated expenses like car insurance.

But in reality, a car is a major purchase, and it's one you shouldn't make without discussing it with your spouse first. Not only might your spouse get angry you made that purchase without them, but they might harbor resentment month after month when they see you driving your car around town.

Also, imagine that your monthly auto loan payments for your $50,000 car eat up so much of your joint income that it impedes your ability to do other things, like save for retirement or travel. That could lead to a series of ongoing arguments and eventually drive you and your spouse toward divorce.

Not getting in sync could lead you to debt

Another issue with not discussing major financial moves with your spouse? If you're not in sync, you might land in debt. That could not only put a strain on your marriage, but wreck your finances for many years.

Let's say you opt to finance some expensive furniture without asking your spouse, while they, days later, book an expensive vacation without consulting you. If your monthly loan payments and credit card bills are high in the months that follow, you might end up falling behind on your debt, destroying your credit, and suffering a host of unfavorable consequences.

Have those important discussions

If you and your spouse have made an active choice to not combine your finances, then it's probably fine to make big decisions independently of one another. But if you have joint debts and cash in a savings account, then it's best to talk big purchases through before moving forward.

This isn't to say that you need to ask your spouse if they're okay with you splurging on a $5 latte here and there. And you probably don't need to talk about small purchases that are fairly run-of-the-mill, like replacing a pair of worn running shoes. But any purchase that requires an ongoing monthly payment is generally something worth talking through, so there are no hard feelings or negative financial consequences to deal with.