Family Magazine

What to Do If Your Spouse is Bad With Money

By Therealsupermum @TheRealSupermum

While financial problems only account for about 5% of divorces, more than 70% of married people claim some kind of money problem. Needless to say, issues related to money cause substantial stress to marriages. Any kind of stress in a marriage has the potential to damage the relationship between the two partners.

 

What to Do if Your Spouse is Bad With Money

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Marriage is complicated. Within a marriage, there are a number of things that need to be worked on, mended and muddled through. It’s not an easy endeavor, but it’s one that’s worth the effort. Experts say the most important thing couples can do to maintain a strong marriage is to maintain open communication. When one partner, either the husband or the wife, keep secrets from their spouse, it’s bound to cause tension, heartache and problems within the marriage. It’s important to remember that marriage isn’t only a love relationship, it’s a partnership.

There’s a difference between being bad with money and flagrantly being irresponsible with it. A person who’s bad with money may yet be teachable. Several communities have groups that offer financial training, as well as state funded programs designed to help families learn about finances. If the problem has to do with an irresponsible partner, when it comes to money, a greater challenge may be in store.

Many couples share a bank account while others keep their accounts separate. What each couple does is up to them, and these kinds of decisions should be made together. In either case, if one of the partners isn’t willing to help out, a solution must be reached. The first thing to be done is to review a current bank statement. If the accounts are separate, each partner should obtain their own statement. As a couple, each transaction should be carefully reviewed. Be open and resist the temptation to get angry. These kinds of problems often take time.

Sometimes, there may be a more serious, underlying problem to explain why a spouse is bad with their money. Shopping is a real addiction for some. If this is the case, it’s important to be honest and supportive. Professional counseling might be the best option for some. One shouldn’t be embarrassed to seek out counseling for such an addiction – most people at some point in their lives need the advice of a professional for one reason or another.

If a spouse has a problem with money, it’s vital to address the problem as early as possible. Disregarding or ignoring it may be lead to serious financial problems. If the debt is already too high and there’s no potential for solving the problem, it may be best to talk to a bankruptcy lawyer. This may help struggling couples start over.

Greg Wilson is a freelance blogger for JacksonWhite Attorneys at Law, the best bankruptcy lawyer in Glendale.


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