Many couples struggle to pay off debt, leading to anxiety and resentment, especially if partners aren’t aligned on financial goals. One Nashville couple, with a combined income of $162K, is overwhelmed by $562,000 in debt, mostly from a mortgage. They could erase it in a year with a plan.

It’s common for married couples to keep separate finances, with 23% not having joint accounts. This trend may result from marrying later in life or waiting until children arrive. But separate finances can lead to challenges, like differing spending habits and potential resentment over debt.

Three in five Americans have considered delaying marriage to avoid a partner’s debt, with 54% seeing debt as a major reason for divorce. While joint accounts can improve transparency, they can also lead to disagreements over spending habits. Financial experts may advise separate finances, but communication is key.

Even if one spouse holds most of the debt, it affects both partners. A clear debt reduction plan and budget are essential. By following a structured approach, like the 50-20-30 rule, couples can allocate funds effectively to pay off debt faster and achieve shared financial goals.

Creating a joint emergency savings account after clearing debt can prepare couples for unexpected expenses. Communication and adjustment of the budget are crucial to maintaining financial health. Seeking help from a financial counselor for issues like gambling addiction or financial infidelity can also be beneficial.

Read more at Yahoo Finance: Nashville couple struggling with credit card debt on a $162K income baffles Dave Ramsey, who says it’s an ‘easy’ fix