Fifty-nine percent of divorcees say that financial issues played a significant role in their divorces, according to a recent survey by Experian. Several study participants also revealed that their spouse’s credit score was a constant source of stress in their marriage. With these alarming numbers, many money experts looked at the importance of financial compatibility in marital relationships.
Discuss Finances Before You Say “I Do.”
Before getting married, it is essential for couples to discuss their finances. Other than your current financial situations, personal debts, and assets, you and your partner must also talk about your financial practices. After all, money personalities play out in multiple ways even if you and your partner are both debt free. Are you a big spender? Is your spouse an eclectic shopper? It is best if your money personality matches your partner’s. Otherwise, it is vital to agree on budgeting method, credit card usage, and other spending habits that you’ll stick to once you’re married.
What’s Your Take on Power Play?
Family law attorneys in Denver often see power play issues on divorcing partners. What’s even alarming is that these matters are rooted in finances in a marriage. Power play typically occurs in the following scenarios:
- One partner works while the other doesn’t.
- One spouse earns more than the other.
- One partner comes from a wealthy family, and the other doesn’t.
- Both partners would like to work, but one has to stay at home.
In these situations, the earner or the one who makes more money often dictates the spending priorities in the marriage. In turn, the other one feels powerless in decision making and other significant matters in the family. So, it is important that you and your partner know each take on power play issues. This way, you can better prepare for the circumstances above.
Most couples only look at their romantic compatibility before getting married — and that’s essential to make the relationship lasts. However, if you don’t want to end up in divorce, checking you and your partner’s financial compatibility is also a must.