Money is one of the most popular points of contention for married couples. Studies show that the more frequently a couple fights over money, the more likely they are to divorce, especially if the money battles happen every day or every other day. There are a lot of things that couples fight about ”“ the kids, the chores, the in-laws ”“ but above all, the frequency of money disputes is the single biggest predictor of divorce. Knowing that, here are some basic tips to help keep your financial situation civil and productive:
- Communication is key. Have a regular meeting time with your spouse to discuss all matters of family finances, including income, expenditures, bills and plans for the future. One a month is a good schedule to follow, perhaps around the time bills are due, but every two weeks may be better for you.
- It might be hard, but make a budget. It’s much easier to spend money you shouldn’t be spending if you don’t have some sort of roadmap for your finances.
- Each party should have a separate account for discretionary income. Think of it like an allowance, something you give to yourself in case you want to treat yourself someday without angering your spouse.
It is critical when discussing money issues with the spouse to keep an open mind. You’re not engaged in some mortal battle for the fate of your wallet. It is about understanding your own and your partner’s outlook on money and the role it plays in your lives together. Be willing to adopt a positive mindset, search for common ground and know that compromise is the name of the game.
Our Denver divorce law firm serves clients throughout the state of Colorado.