Money Shouldn’t Ruin Your Marriage
Money can be a life changer. For good or bad, it can shift the way things are perceived. And it can affect relationships – many Americans find themselves in a position where they are getting divorced because of arguments about money. In fact, after things like infidelity or basic incompatibility, it's the highest surveyed reason given for a break-up and divorce (22%).
Is there a way to avoid arguing over money that will keep you together and stronger than ever? Communication is the best way to make sure that you see eye-to-eye.
One way is to see yourself as one unit rather than two separate human beings surviving together. A survey showed that 81% of couples do see themselves as one financial entity. This is a very positive way of ensuring that no one person has absolute control and that the responsibilities are shared. 45% of couples agree that financial decisions should be made together.
Staying strong as a couple will entail compromises and shared values and goals. Make your financial goals a priority and talk about where you want to get to, together. Planning to achieve those goals together can strengthen your bond and make your marriage that much better.
One thing to consider is whether you or your spouse have any existing debts. A study showed that eight out of ten Americans are in debt in some fashion. Whether it is student loans, credit cards, or gambling debts, you need have to know what has to be paid besides the monthly budget and your financial targets.
Making sure that you know that as a couple you are on the same page and are working towards common goals, should yield great rewards, both financially and in your relationship.
IMPORTANT DISCLOSURES
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law.
Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
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David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC