One of the leading causes of divorce among couples today is money problems. Not enough money coming in, spending too much money, or simply not agreeing on financial goals for the future are all stressors in a relationship. When it comes to successfully managing money in a relationship, here are a few things to consider:
Plan together — while not all couples pool their money into a joint account, it doesn’t mean you can’t plan your financial goals together. Whether your money goes into one account or separate, sit down and decide where money should be going and what you want your finances to look like in the future. Do you want to boost your savings? What about paying down debts? How are you going to get that car or house you want? All of these aspects should be joint decisions and both spouses should make efforts towards making them succeed.
Save together — again, it doesn’t matter where your main bank accounts are located, but if you want to secure a joint asset like a car or house you should be saving your money together in one place. Many people underestimate the value of having a separate savings account that allocates money towards one specific goal. Saving for a house is a prime example and, since both parties will likely be on the loan, it should have its own savings account for the down payment.
Decide together — if you are in the unfortunate situation of dealing with financial hardship, the choice to seek bankruptcy protection may be on the horizon. Because filing for a bankruptcy can influence each spouse differently, it is important you sit down together with your Dallas bankruptcy lawyer to discuss the risks and benefits of filing together or separately.