We all know money can cause a lot of arguments and problems in a marriage. When money becomes tight, it is easy to feel resentful toward your spouse. This resentment can lead to arguments about money or even divorce if you are not careful. Fortunately, there are some things you can do to prevent this from happening. Below are some tips on how to prevent money from destroying your marriage:
1. Be honest about your money situation
The first step is to be honest with your spouse about your money situation. This includes both your debt and your income. Don’t hide anything from your spouse, as this will only lead to more problems down the road. Simple suspicions can turn into bigger money problems if you are not honest with your spouse. By being honest now, it will help prevent money problems later on.
2. Create a specific budget
The next thing to do is create a monthly budget that includes both money that goes toward paying off debt and money that can be spent for fun or entertainment. This way, there’s no confusion about what money is available to use every month. Keeping track of your budget in an excel spreadsheet is one suitable method for staying organized regarding money matters. Most importantly, make sure your spouse agrees with the contents of this budget before proceeding forward. Otherwise, money problems are likely to develop again because your spending will not match your partner’s expectations.
3. Communicate money problems as they come up
The final step you should take to prevent money from ruining your marriage is to communicate money problems as they happen. If you have a spending problem, it is best to tell your spouse what the issues are before money shortages turn into money arguments. This way, there can be no misunderstandings about why money was spent a certain way. In other words, by communicating money problems as they happen, any upcoming money-related arguments can quickly be resolved before resentment builds up and turns into actions that could lead to divorce.
4. Seek help from a divorce attorney
If money arguments have already started and resentment is starting to form, then it might be time to seek help from a divorce attorney. They can provide you with the legal advice you need to protect your financial rights in a divorce. In some cases, money disagreements can be resolved through mediation. However, if money problems are too severe or if one spouse is not interested in reconciling the money disputes, then a divorce may be the only solution.
5. Consider money counseling
If money problems are likely to continue in your marriage, then money counseling can help you better understand how money impacts your relationship. Money counselors are trained professionals who can help you figure out what money means to you both as individuals and as a couple. This way, money will no longer have power over you or your spouse. Instead, money will become just another tool used for making life’s everyday expenses so you can spend more time enjoying each other rather than worrying about money all the time.
6. Have a money talk every year
In addition to money counseling, you and your spouse should also have a money talk once a year. This is where you will review your budget, discuss any money problems that have arisen since the last money talk, and make changes to your budget as needed. Having this money talk once a year will help keep money from ruining your marriage.
7. Remember money isn’t everything
Finally, remember money isn’t the most critical thing in a marriage. At the end of it all, money is just money. If money becomes tight, you will simply have to adjust your spending habits until money problems are resolved. You can do this without resorting to divorce.
8. Seek help from a financial planner
If money is still a big issue in your marriage, then you might want to seek help from a financial planner. A financial planner can provide you and your spouse with advice on saving money, investing, and planning for your future. This way, money concerns will no longer be such a significant source of stress in your life.
Money can be a touchy subject for many couples, but you can help prevent money from causing irreparable damage to your relationship by following the tips above. If money problems arise, remember to communicate with your spouse about them to resolve them as quickly as possible. And if all else fails, consider seeking out money counseling to help get your finances back on track.