For many people who get married, their financial issues should’ve been worked out years before. If it’s possible, try to learn about your spouse’s financial tendencies before you actually sign the marriage documents. While some believe a prenuptial agreement is the antithesis of romance, it can allow both parties to air their financial history openly.
Even if you choose not to get a prenup, though, there are still plenty of steps you can take to achieve success. This involves simply talking with one another, pulling each other’s credit history or seeking financial counseling before getting married. In an ideal world, this will help illustrate any potential financial issues long before they become a real problem.
During these discussions, you can also talk about how money will be divided in the household, who is responsible for what bills, how savings will be handled and any other financial goals you may have.
Have a Heart-to-Heart With Your Spouse as Soon as Possible
Once you’re married and you see your spouse is financially irresponsible, it’s important to nip it in the bud as soon as possible. This means you’ll need to sit your spouse down and be as open and honest as possible. Let it be known that lying about finances and money will not be tolerated in your marriage.
If a previous credit check had not been done before, now is the time to check each other’s histories and evaluate where you both stand. Also, it’s a good idea to try to get at the heart of why your partner is behaving so irresponsibly with money. Were they never taught how to properly handle finances, or are their spending habits compensating for something else?
Many of us overspend to deal with deeper issues. Try not to scold your partner, but instead understand where they’re coming from. You may find that seeking therapy for underlying issues would benefit your partner and your marriage. If they need a line of credit, a secured credit card is a good option that will help them build credit without worrying about getting into too much debt.
Seek Financial Help and Counseling
Seeking the help of a financial advisor who understands your goals and financial situation is a great way for you and your partner to confront the issues plaguing your marriage. An advisor can help you develop a budget and a plan to pay down any debts that need attention. They can also become another person on your team to help you and your spouse rebuild a solid financial foundation for your marriage.
However, while a financial advisor can provide plenty of practical benefits, they probably don’t have the expertise to get to the root of the problem. You may also want to go to marriage counseling, or a therapist who specializes in financial issues.
Bottom Line
While falling in love and deciding to spend the rest of your life with someone is undoubtedly wonderful, it’s important to remember that marriage is based on more than love. Each partner has an obligation to their spouse and their family to be open, honest and responsible when it comes to Family Financial Needs. If one partner isn’t being transparent, there are measures that can minimize or solve the problem. However, these steps demand a commitment from both parties.