How to Prevent Financial Issues from Causing a Divorce

 Posted on July 07, 2020 in Finances and Divorce

The Institute for Divorce Financial Analysts determined that nearly a fourth of all marriages end in divorce due to financial issues — that represents the third most common cause of divorce. With an economic recession upon us and no certain end in sight, the money problems that many married couples usually face are bound to be further exacerbated. Luckily, there are various ways that one can keep their financial concerns from becoming an issue in their marriage.

Open Communication from the Start

Whether it be done before the marriage, by creating a prenuptial agreement, or early in the marriage, by being upfront and honest about financial concerns, open communication can go a long way toward keeping marital finances in check. Couples should avoid making the following mistakes in order to keep this communication present:

• Hiding debts or assets before, during, or after marriage.

• Keeping secrets about financial habits or expenditures.

• Lying about how much money or debt you may or may not have.

• Being dishonest about your apprehensions, history, and approaches toward finances with each other.

Equitable and Cooperative Budgeting

You two are in this together now, and whether you like it or not, that includes your finances. Co-mingling funds and accounts is not necessarily a bad thing as long as you are both honest and cooperative about your budgeting and financial goals. To achieve this, it is important to do the following:

• Set your financial goals as a couple. From having kids and their associated expenses to planning regular vacations or saving for a house, you two have a lot to plan for. If you are not on the same page about those goals, resentment could build and lead to underlying tension. Be sure to discuss your financial goals and evaluate your accounts before making big purchasing decisions.

• Grant equal control and influence over the money. No matter who has or makes the most money, no single spouse should have total control of the finances. This should be a cooperative effort. You are one team now, working together as a unit to achieve your collective financial goals. Both you and your spouse should be informed on the details of your accounts as well as your monthly bills.

• Enable some financial freedom. While collaboration and cooperation are key, you two also need some financial independence. You may consider allocating an equal yet minimal amount of your shared monthly budget to each other’s discretionary spending. This will allow you both to buy whatever you want for yourselves, without any judgment or negativity coming from the other spouse.

Contact a Wheaton IL Divorce Lawyer

Sometimes, the best way to handle things is by turning to an external party for assistance. If you two have tried everything and money is still making your marriage intolerable, consider calling a DuPage County divorce attorney for help. The compassionate team at Andrew Cores Family Law Group will give you all the guidance you need for a successful, painless divorce. For help with your divorce, contact our experienced divorce lawyers at 630-871-1002 for a free consultation.

Sources:

https://www.forbes.com/sites/jenniferwoods/2015/07/06/10-ways-to-prevent-money-from-ruining-your-marriage/#2a514a944c9c

https://www.thebalance.com/dont-let-your-money-ruin-your-marriage-2386042

https://www.investopedia.com/articles/pf/09/marriage-killing-money-issues.asp