The percentage of people whose marriages end in divorce today is more than half of all the people that get married. With statistics like that one of the biggest questions is what is causing all of these divorces? We are finding out that one of top causes of divorce is financial problems. FOX Business recently wrote an article regarding what conversations a couple should have regarding financing. I think that by having a talk with your spouse about these issues that you can decrease your chance of your marriage leading to divorce.
Fill out that financial slate. As newlyweds it stands to reason that your financial ‘blueprint’ is probably relatively empty. As uncomfortable as it may seem to discuss finances with your spouse it is an important part of your relationship. Starting from the beginning of your marriage and laying down your guidelines on what to save and what to spend in order to reach your future goals is one of the best steps that you can take as a couple.
Do not put off the will. Creating a will is not just something you do so that all of your physical possessions are bequeathed to the correct people should you pass away. It is important that if you and your spouse are planning on increasing the size of your family that you create a will to list who you want as the guardians of your little ones should something happen to you. As irrational as it may seem, you are not invincible. If you do not have a will in place naming the person that is to take care of your children then the decision will ultimately be left to the court.
Let’s work on that savings account. It is a good idea that you start planning ahead right away. Being goal-oriented and planning for the future of you and spouse is a good idea. It is important that you sit down and go over your budget and figure out what you will both be able to contribute to that savings account monthly. If it seems awkward to bring up the conversation then begin it by discussing your future goals. If your idea of an amazing anniversary vacation is a trip to Maui then sit down and talk about how much you will have to save in order to make that trip take place.
Do not depend on the government to pay your medical bills. The way the economy has gone so far downhill it is unrealistic to expect the government to take care of your physical needs anymore. You and your spouse should sit down with a long-term care insurance professional and decide on the best way to insure adequate care for you in the future should you need it.
That estate is not going to plan itself. It is important that you and your spouse talk the time to sit down with an attorney and handle all of the estate planning for the future. Assuming you and your partner have stuck to your financial blueprint and down the road you do have assets it is pivotal that you can both guarantee that they will not be lost. Should one of you end up passing away and the other were to remarrying you do not to risk the fact that all of the saving and acquiring you did together could end up lost should the new couple end up getting divorced.
On top of the list from FOX Business, it is important overall that you and your spouse are not afraid to sit down and discuss all aspects of your finances together. Money truly is the leading cause of divorce, and if you are unhappy about the way you feel your spouse handles money then it is imperative that you sit down and discuss it with them. Turning a blind eye or not saying anything to your husband or wife will most definitely make the problem go away. Finances are a huge part of any relationship, especially if you have plans and goals for the future. Sit down and have the money conversations with your spouse; it could be the thing that saves your marriage.