In marriages, finances are one of the most important issues and have the potential to ruin the relationship.
People have very different opinions on money – If you are about to be married or are already married, it is a good idea to talk to your soon-to-be or your already husband about combining your incomes, paying the bills, saving and investing goals, spending habits and your overall philosophy about money.
This is important because disagreements about finances are the number one cause of divorce. Coming to an understanding can greatly increase your chances of staying together.
Unfortunately many people live with the attitude that if they want something, they will get it because they deserve it. They believe that if they don’t have the money, they will charge it. This is bad!
Debt can appear quickly – one can lose their job or health issues can impact that affordable monthly payment. Errors that lead to debt include, but are not limited to:
- Talk about your finances. The two of you need to create a workable budget for managing your money. Unless you have a money tree in the backyard, you could be setting yourself up for unnecessary debt.
- Everyone wants a nice, comfortable home to live in. Most buy a home based on how much monthly payment they can afford instead of determining just what is needed.
- We all need and deserve a vacation. Come up with an affordable vacation budget; don’t use your credit cards. You can still take a vacation – just spend what you can afford.
- Using credit cards don’t cause financial problems, but abusing the cards does.
- Don’t borrow unless it’s an emergency. Don’t take on any new debt until you pay off your existing debt.
- If your marriage is in trouble, splurging on an expensive gift for your spouse will not improve it.
Find what works for you and your spouse and commit to it.
If you are having financial difficulties and are considering a divorce, contact the Orange County family law offices of Amy M. Montes – we will make sure you are aware of all your options.
