Let’s Talk… Money and Divorce!!
Should money issues ever lead to a divorce when two people just can’t get on the same page with regards to money? My initial answer is no. Always try to engage with a professional to see if there is a way to solve the problem.
Here are a few things that I’m seeing that are big no-no’s in a relationship:
- Don’t ever open a credit acct and intentionally not tell your partner. As a couple you all should be using a program like Credit Karma to view all of your accounts. If you open up a credit account, link it to the software so you all can get a full picture of family finances.
- Don’t hide assets, cash, etc from your partner. It’s easy to justify keeping the big win you had at the casino in an envelope. You’ll justify it as it’s your play money and your partner doesn’t need to know about it. The problem is when tax time comes around, it will most likely show up on your joint tax return.
- If you have a shopping/spending problem, get help. Shopaholics Anonymous is a real group that helps people with compulsive spending addiction.
Lastly, always be honest with your partner. If you made a mistake in the past, admit it and move on, but always look to see what went wrong and how to keep that from happening again.
The content in this material was created for educational and informational purposes only and is not intended as an investment advice.
The opinions voiced in this material are for general information only and not intended to provide specific advice or recommendations for any individual.
Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities.
