Avoiding Financial Conflict During a Marriage
When marriages turn sour, one of the primary causes of conflict is finances. Therefore, all marriages can benefit from open communication regarding financial matters.
The following are some tips to make sure that you can avoid financial conflicts during your marriage:
- Be honest. You and your spouse should always make sure that you have revealed your complete financial situations. This means sharing banking account information even if you keep separate accounts, sharing the full amount of debt that you have, and sharing the amount of money that you have in savings.
- Budget. You should prepare a budget (and do so together) so that you have a clear picture of how much you can spend and what you can spend money on. Track fixed costs and set limits for personal spending each month.
- Plan. Discuss your long-term financial goals and how you’d like to save for retirement, children’s college education and big vacations. You can’t necessarily predict everything when it comes to your finances, but it’s good to have an eye on the future and a general idea of how you want your financial planning to go.
- Have safeguards in place. Always be prepared for the worst, whether it’s an accident, a home disaster or otherwise. Have all of the proper insurance policies, set up powers of attorney and prepare emergency funds. All of this can only help you should a worst-case scenario pop up. Finally, make sure that you have an estate plan in place.
The Long Island family law attorneys of Bryan L. Salamone & Associates can help you avoid unnecessary financial complications through sound planning.