Do You Know That Many Couples Are having Money Issues In A Relationship? Married couples fighting over financial matters aren’t unheard of. In fact, money and financial conflict have been cited as one of the primary factors that eventually lead to separation and divorce. Money is something that must be talked about before marriage; however, many couples fail to do so.
Even if you have come up with a prenuptial agreement with your spouse, there’s no guarantee that you won’t come across any kind of financial conflict down the road. Often, you will come across such financial conflict in marriage.
5 Common Money Issues In A Relationship
However, conflict resolution in marriage isn’t too complicated a task if you’re willing to work on fixing marriage financial problems.
Supporting An Adult Child
Before supporting an adult child you may want to rethink your investments for your retirement age.
As a couple, you need to agree to one common thing about whether you want to spend money on your adult child or would want to save it for your retirement.
If you think your retirement won’t be derailed by helping your adult child, then both of you can make a common decision.
Not Being Transparent About Your Finances
To merge or not to merge accounts? That is the question many newlyweds face. Do you combine everything now that you’re a team, or do you maintain financial independence with separate accounts?
There is no one-size-fits-all solution—although being transparent with each other about assets, liabilities, income, and spending is crucial whether you merge accounts or not. The answer is often a combination of separate and merged accounts.
The benefits of merging are that both of you will feel as if you’re working as a team—and combining accounts makes finances simpler.
Whether it’s you or your partner who’s a shopaholic, a difference in spending habits isn’t something to sweep under the rug.
Resentment and frustration can grow if one of you feels helpless in the face of the other’s habits – or if one feels that the other is spending all your money with no thought for the future.
If you and your partner regularly butt heads about the other’s spending habits, there are a few ways you can work through the issue and understand each other better.
Different Risk Tolerance
In a marriage, one might be an aggressive stock investor while the other partner would love to play it safe.
Therefore, you might need to understand each other’s risk tolerance when it comes to financing.
Also, you should consider your overall finances together and then decide to invest in the stock market and bonds.
You can even come to a common conclusion that won’t harm either of you.
Co-managing finances and respecting the goals, needs, and expectations each spouse has regarding their extended family can be especially tricky.
Take, for example, her mom—she wants a vacation in Vegas. His parents need a new car. Her brother can’t make the rent. His sister’s husband lost his job.
Now one spouse is writing a check and the other wants to know why that money wasn’t used to address needs at home or fund a vacation for “us.”
When a serious crisis arises—illness, a major storm, an unexpected death—the pressure can be magnified. Hope You love Money Issues In A Relationship?