Divorce can result from many things, but financial reasons are chief among the reasons. Most people have made purchases outside your agreed upon budget then lied to hide the evidence or made purchases without clarifying just how much the totals came to. Making decisions to put you and your spouse at financial risk can create trust problems that could ultimately lead to divorce down the road.
The best way to keep the lines of communication open is to talk candidly and frequently about your finances. Here are some guidelines for these conversations:
- Agree on financial goals and a budget. Discuss your overall financial goals or desires. What is it you both want to achieve short term and long term? If your goals and desires are significantly different, talk about how you’ll set priorities and compromise. Not many couples will have exactly the same interests or priorities, but you should come to an understanding about what is important to both of you and align your finances accordingly.
- Discuss your money styles. Everyone handles money differently. Are you the type of person who succumbs to impulse buys, or are you more likely to save for a purchase and compare prices and products well in advance? If you have different styles of spending, consider creating separate accounts so each of you have control over a reasonable amount of discretionary cash.
- Forgive and forget — but take care of yourself. If your loved one cheats on you financially, weigh the situation rationally. Reflect on how you can respond to the situation and then sit down together and talk about it. You can certainly expect your partner to make some financial sacrifices, such as delaying other purchases, to get your budget on track. If the action was egregious or was a second offense, be honest about your emotions and expectations for the future.
- Have regular financial conversations. Having a trusted professional as part of the conversation can make it easier. If you meet with a financial advisor on a regular basis and you and your partner tend to disagree when it comes to financial priorities, make conversations about spending one of the topics you discuss with your advisor. The more open you are about your finances to begin with, the easier it will be to keep the lines of communication open.
Should you be in the midst of a divorce or contemplating divorce, contact the Law Offices of Renee Lazar either through email or telephone 978-844-4095 to schedule a free one hour no obligation consultation.