Conflict over finances is the number one factor in divorce today. Money troubles and debt can put a strain on even the strongest relationship, which is why effectively managing money in marriage is so important. With so many options available to help couples deal with their debt, all it takes is a little time and focus to resolve issues over money.
Finding Common Ground
Managing money together in marriage can be a challenge. Often times one person makes more, spends more or has completely different priorities for finances than the spouse. All of these issues can lead to conflict between couples. Taking a proactive stance against money problems and debt management can be a couple’s biggest weapon of defense.
Proactively managing money troubles essentially means talking about financial goals and methods of debt management before they arise. If a couple is on the same page about what they want to spend their money on, how they set up their budget and what purchases are acceptable, they won’t have to argue about these issues down the road. There should be a sense of mutual respect between couples regardless of whether one person makes more money or is responsible for certain tasks.
Couples should also discuss debt management options, even if they aren’t in any substantial debt. Debt management plans, credit negotiations, debt settlement and bankruptcy all offer different risks and benefits that should be discussed as a couple. Understanding the differences between these options and how they can benefit before financial hardship strikes can help provide a clearer picture without crowding one’s judgment from a sense of urgency. Effective money management in marriage boils down to one thing: a team effort.