One of the most common causes of divorce are financial disagreements between spouses. These disagreements frequently occur because spouses fail to adequately communicate with one another about finances. The following will review some important tips on how to effectively communicate with your spouse about issues of money.
It is a wise idea to sit down with your spouse on a regular basis to review all your current financial information. Discuss the various accounts that you and your spouse have open as well as the status of any debts that either of you is currently paying.
If meetings are held routinely enough, you will be able to determine if you are saving and whether you are meeting any established financial goals.
After attending the first meeting, it is a wise idea to agree with your spouse to talk about these matters regularly.
Create a Realistic Budget
During a meeting with your spouse, it is helpful to create a monthly and yearly budget for expenses. To create a realistic budget, you will be required to look at both your earnings, debts, and the ability of each spouse to repay their finances.
Determine Your Short and Long Term Goals
It is critical to identify both long and short term goals with your spouse. Identifying your short term goals with your spouse might include placing aside money for an emergency fund or saving up for a project. If you can agree on your short term financial goals with your spouse, it will likely be much easier to achieve your goals.
It is also a wise idea to discuss your long-term financial goals with your spouse, which might include saving for retirement or college tuition for the kids.
Create Plans to Realize These Goals
For each goal that you establish with your spouse, you should make a reasonable list of steps to achieve this goal. Each spouse should be willing to sacrifice to reach the couple’s financial goals. When establishing goals, it is important to find ones that both of you are willing to work to achieve.
Acknowledge Your Mistakes
If you are discussing financial details with your spouse, it is likely that you have each made a financial mistake or two. To promote honesty while you talk about these matters, begin the conversation by acknowledging your own mistakes. Avoid judgement or anger when your spouse admits to any financial mistakes, as well.
Speak with an Experienced Family Law Attorney
If you encounter one of a number of family law situations involving money, it can greatly help to speak with a knowledgeable lawyer. At Vayman & Teitelbaum P.C., we have helped numerous people navigate the complex issues involved with a divorce. Contact our law office today to schedule a free initial consultation.