How to Effectively Manage Marital Finances

It’s not the most romantic conversation couples will have, but talking about finances is critical for the success of the marriage. Couples end up arguing about money more than they should largely because of ambiguity, a lack of clear and feasible options for personal and collective financial management, and an inability to clearly and effectively communicate needs, ideals, and goals. A divorce lawyer in Highland Park is uniquely equipped to provide a married or engaged individual with sound advice for financial management.

1. A divorce lawyer is like preventative medicine. Especially when used in conjunction with a personal financial manager, a divorce lawyer can tremendously help minimize future financial problems and miscommunications. In some cases, effective marital financial management actually prevents divorce from occurring in the first place because there are no surprises. Both members of the marital partnership know what is at stake, their role and responsibility, and what might happen in the case of a separation or divorce. No couple actually wants to plan for their marriage falling apart, but consulting with a divorce lawyer first for marital financial planning should be viewed more like preventative medicine.

2. Know your money style. The first step in the process of effectively managing marital finances is knowing your money management style and comparing that with your partner. Some couples remarkably have the same spending style and habits, but many do not. Couples with diverse spending patterns and means of managing their money will probably want to separate their personal finances and plan their finances separately, allowing for strategic joint accounts where necessary. A divorce lawyer can help plan for joint and separate accounts together.

3. Setting boundaries. A divorce lawyer is critical for helping partners establish clear boundaries at the onset of the relationship. Many couples do not realize how important it is to have the discussion about finances, distinguishing between personal and collective resources. Although no substitute for a marriage counselor, a divorce lawyer in Highland Park can provide a great deal of peace of mind and clarity.

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