Couples think: If we only had more money, our problems would go away. Money is the landmine that can collapse a relationship. According to a new study from Kansas State University, data from 4500 divorced couples revealed that both men and women identified money as the biggest cause of marital strife. And this was true for all income levels.
Financial Adviser Judith McGee shared tips for helping spenders and savers live harmoniously.
Different Spending Styles
He’s a saver, You are a spender. Unless compromise is made, arguments and resentments will build up issues: judging and control. Budget for spenders and splurging built in for savers
Put and Take Strategy: A couple takes a portion of the money set aside for discretionary spending and divides it like 10 percent for each spouse. Each manages their own discretionary spending without answering to the other partner.
If the inheritance is shared during the marriage, it will be presumed to be community property.
To protect inheritance in divorce or disillusion of marriage, keep these assets separate issues. Sharing Expectations
Blended Families and Step children
4 in 10 American adults have a stepparent, step or half sibling, or stepchild.
Marrying someone with minor children adds financial responsibility: A couple must make clear who pays for what issues.Openly discuss what obligations are expected and what will be kept separate e.g. funding college, buying cars, clothing and other support obligations.
Decide what assets coming into the marriage will be mingled, what are to be kept separate. (Legal outlines, pre-nups, etc.)